GMR Infrastructure Ltd has informed that it has exercised its call option right on the Compulsorily Convertible Preference Shares (CCPS) held by the private equity investors of GMR Airports Ltd (GAL).
Thereafter, GIL, GAL and the private equity investors have discussed the proposed restructuring of the terms of their investment in GAL and have now executed agreements, which will be effective only upon completion of conditions precedent in these agreements, including the receipt of necessary regulatory approvals.
These agreements also provide that GIL will be entitled to purchase the equity securities held by the PE investors in GAL at any time before June 05, 2017 as per the terms of these agreements, the diversified infrastructure company informed the BSE.