New Delhi [India], December 4 : The Competition Commission of India (CCI) has given its nod for the subscription to optionally convertible debentures (OCDs) of GMR Infra Enterprises Private Limited (Target SPV) by Platinum Stone A 2014 Trust, acting through its trustee, Platinum Rock B 2014 RSC Limited (Acquirer).
According to the Competition Commission of India, the proposed combination involves the issuance of unlisted and unrated OCDs by GMR Infra Enterprises to Platinum Stone A 2014 Trust.
This transaction is linked to the Target SPV acquiring approximately 9 per cent of the fully diluted shareholding of GMR Airports Limited (GAL) from its promoter, GMR Enterprises Private Limited (GEPL), both before and after the subscription of OCDs.
The acquired shares of GAL will be pledged to the Acquirer as collateral for the OCD subscription amount.
Platinum Stone A 2014 Trust is a trust established under the Abu Dhabi Global Market, with its sole beneficiary being the Abu Dhabi Investment Authority (ADIA).
ADIA is an independent investment institution established by the Government of the Emirate of Abu Dhabi.
GMR Airports Limited, the focus of this transaction, is a publicly listed company actively engaged in the development, management, and operation of airports in India and globally. GAL operates three major airports in India: Delhi International Airport, GMR Hyderabad International Airport, and GMR Goa International Airport.
The Target SPV, GMR Infra Enterprises, is presently non-operational. A detailed order from the CCI is expected to follow, outlining further specifics of the approval.