GMR Airports to acquire 8.4% stake in airport IT services provider WAISL for ₹56 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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GMR Airports Infra Ltd. has announced that it will acquire 4.6 lakh shares of Waisl Ltd., or 8.4% of Waisl’s overall equity from an existing shareholder.

The acquisition will be done from Utthishta Virat Fund, for a total consideration of ₹56.66 crore, it said in an exchange filing.

Waisl is engaged in the business of delivering end-to-end digital infrastructure at airports and also operates as an exclusive partner for IT services at airports.

In financial year 2023, Waisl reported revenue of ₹391 crore, following ₹152 crore in financial year 2022 and ₹143 crore in financial year 2021.

GMR Airports said that it has been exploring opportunities of investing in entities engaged in Airport adjacencies or airport-related businesses. It is looking to do so in order to strengthen its presence in all aspects of airport-related businesses.

The said transaction requires no government approval. GMR Airports has also not specified whether it aims to further increase its stake in Waisl.

Shares of GMR Airports Infra fell 3% on Monday, to end at ₹88.10. The stock has risen 92.36% in the last 12 months. For 2024, the stock is up 10% so far.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow