Hyderabad, Jan 3: Malaysia Airports Holding Berhad ( MAHB) has said the agreement to dispose of its 11 per cent stake in GMR Hyderabad International Airport Limited (GHAIL) to GMR Airport Limited has been terminated.
The share purchase agreement was automatically terminated as the purchaser failed to complete its obligation in accordance with the terms of the agreement by December 31, 2018, it said.
On February 2 , 2018, MAHB and together with its wholly-owned subsidiary, MAHB (Mauritius) Private Limited, had entered into a Share Purchase Agreement (SPA)with GMR Airports Limited for the disposal of all of the 41.58 million equity shares (or 11%) of the total issued and paid-up share capital of GHIAL.
GMR is the biggest shareholder of GHIAL with a 63 per cent stake, followed by Airports Authority of India (13%), Telangana government (13%) and MAHB (11%).
With the cancellation of the SPA, MAHB and MAHB (Mauritius) Private Limited will remain as shareholders of GHIAL accordingly, MAHB said in a regulatory filing on Wednesday.
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