GMR Airports Infrastructure Limited (NSEI:GMRINFRA) agreed to acquire 45% stake in GMR Airports Limited from Aeroports de Paris SA (ENXTPA:ADP) on March 19, 2023. GIL and Groupe ADP will settle the cash earnouts to GIL at INR 5.5 billion and the equity earnouts whereby GIL?s stake in GAL increases to 55% (pre-merger) from 51%. GAL, the existing unlisted Airport Platform entity will merge with GIL, the listed company. GIL will continue as the listed public entity, post completion of the Merger. The Merger is subject to customary Closing conditions and receipt of requisite approvals from Stock Exchanges, Securities and Exchange Board of India, National Company Law Tribunal, Other statutory and regulatory authorities under applicable laws, and Respective shareholders and creditors. As of March 25, 2023, the CCI has approved the transaction. Merger is expected to be completed within first half of 2024. Subsequent to the quarter ended June 30, 2023, the Company has received the no objection letters from BSE Limited and National Stock Exchange Limited and the Reserve Bank of India.

Morgan Stanley India Financial advisors to GIL, Ernst & Young were the valuer appointed by GIL and KPMG were the valuer appointed by GAL for carrying out valuation and merger exchange ratio and ICICI Securities acted as Financial advisors to GAL. Shardul Amarchand Mangaldas & Co Acted as the legal advisor. Ernst & Young acted as financial advisor to GMR Airports Infrastructure Limited (NSEI:GMRINFRA).