GVK Airport Holdings Limited, the majority shareholder in Mumbai International Airport Limited (MIAL), has exercised its right of first refusal and decided to acquire Bidvest’s 13.5 per cent stake in the airport. GVK will acquire the stake in MIAL for Rs 12.47 billion ($175 million), increasing its stake from 50.5 per cent to 64 per cent after completion of the deal. The move came after the Adani Group made a formal offer to buy out a 23.5 per cent equity stake in MIAL, held by two South African Companies – Airports Company South Africa (ACSA) and Bidvest. The proposed deal was valued at Rs 95 billion. GVK, however, expects the airport company to be valued at Rs 112 billion.