2021 has been a great year for GMR Infrastructure, which gears up for restructuring. The stock hit a 10-year peak on Monday, having outperformed the Nifty 500 with a gain of 75 percent so far this year.
GMR Infra restructuring
The company has decided to split its business into two parts: airports and non-airports.
Split into two
| Airports | Non-airports |
| Business 1 | Business 2 |
Here are some highlights:
- To have simplified holding structure
- Both businesses to be listed
- Move to unlock value and pave way for more focus on growth
- To facilitate better understanding of airports business
How will the restructuring take place?
- Step 1: To amalgamate GMR Power and Infra with itself. GPIL is a wholly-owned subsidiary of GMR Infra
- Step 2: Vertical split demerger of non-airports business into GMR Power and Urban Infra
The GMR Power and Urban Infra unit will hold the non-airports businesses including energy, EPC and urban infra categories.
GMR Infra will hold the airports business. One share of GMR Power and Urban Infra will be given for 10 shares of GMR Infra.
- To create mirror shareholding pattern of GMR Infra in GMR Power & Urban Infra
- GIL shareholders will hold shares in GPUIL in the same proportion
Revenue split
| Consolidated | H1FY22 | FY21 |
| Airports | 48% | 53% |
| Power, roads, EPC | 52% | 47% |
Scheme of arrangement
| Board nod | Sebi nod | NCLT nod |
| August 20 | December 20 | December 21 |
Q4FY22
Estimated fixing record date and listing of GMR Power & Urban Infra