GVKADL and GVKAHL sign term sheet and exclusivity agreement with ADIA and NIIF

GVK Airport Developers Limited (GVKADL) and GVK Airport Holdings Limited (GVKAHL), subsidiaries of the GVK Group, have signed a term sheet and exclusivity agreement with ADIA and the National Investment and Infrastructure Fund (NIIF) for an investment in new shares of GVKAHL totalling 49 per cent stake. As per GVK, the transaction is subject to conclusion of confirmatory due diligence by ADIA and the NIIF, agreement on definitive documents and satisfaction of customary closing conditions including regulatory/third-party approvals and lender consents. The process was initiated to raise capital to reduce debt obligations of up to Rs 57.5 billion owed by GVK. ADIA and the NIIF were selected as the preferred partners by GVK and all proceeds from the transaction will be used by GVK towards retiring debt obligations.