Mumbai (Maharashtra) [India], Feb 26 : GMR Group said on Wednesday it has received Rs 5,248 crore towards the first tranche of payment from Groupe ADP.
"The end utilisation of monies has been mainly for corporate debt reduction. Further, the GMR Group has provided an exit to the existing private equity investors in GMR Airports Ltd," it said in a statement.
Last week, its subsidiary GMR Infrastructure signed a share purchase agreement after which Groupe ADP will hold 49 per cent stake in GMR Airports Ltd for an equity consideration of Rs 10,780 crore, valuing GMR Airports Ltd at the base post-money valuation of Rs 22,000 crore.
The equity consideration comprises Rs 9,780 crore towards a secondary sale of shares by GMR group and Rs 1,000 crore equity infusion in GMR Airports Ltd.
As part of the terms of transaction, GMR will retain management control over the airports business with Groupe ADP having the customary rights and board representation at GMR Airports Ltd and its key subsidiaries.
GMR Infrastructure's consolidated net loss for the quarter ended December 31 totalled Rs 279 crore against Rs 542 crore in the October to December period last fiscal.
( With inputs from ANI )