GVK consolidates all infrastructure assets under one company
29 Jan 2007
Hyderabad: GVK group has consolidated infrastructure assets in power, airport, road and mining into GVK Power & Infrastructure Ltd (GVKPIL), making it an integrated infrastructure player.
Post-consolidation, Mumbai International Airport Private Ltd (MIAL), which operates the Chhatrapati Shivaji International Airport in Mumbai, and GVK Jaipur Expressway Private Ltd will come under GVKPIL.
The scheme of amalgamation envisages a share exchange ratio of 133 GVKPIL equity shares (of Rs10 face value each) for every four Bowstring equity shares (of same face value). It also proposes a share exchange ratio of 153 GVKPIL equity shares for every four Green Garden equity shares.
The company has pegged an exchange ratio of three GVKPIL equity shares for every 40 shares of GVK Industries Ltd.
The appointed date of merger is proposed to be April 1, 2006.
GVKPIL owns 54 per cent in GVK Industries, which operates the 216 MW Jegurupadu Phase I gas-based power plant and the 220 MW Jegurupadu Phase II gas-based project.