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Bond Market News
GMR Airports to Acquire 10% Stake in DIAL from Fraport
September 10, 2024
GMR Airports has signed an agreement to buy a 10% stake in Delhi International Airport (DIAL) from Frankfurt’s Fraport AG. The deal will be valued at $126mn and will further boost GMR’s stake in DIAL to 74% from 64%. The transaction will be subject to necessary approvals from the Airports Authority of India (AAI), and if approved, should conclude within 180 days. AAI will still continue to hold the remaining 26% stake in DIAL.
GMR’s 4.25% 2027s traded stable at 95.01, yielding 6.02%. DIAL’s 6.125% 2026s also traded stable at 100.48, yielding 5.88%.
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