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| Exchange Disseminated Time 28/08/2015 10:01:18 | The Exchange had sought clarification from the company with respect to news article appearing in Business Line on August 26, 2015 titled "GMR Group plans to sell Hyderabad airport hotel"
GMR Infrastructure Ltd replied stating "We wish to furnish the following clarification:
The GMR Hyderabad International Airport Limited (GHIAL) a step down subsidiary of GMR Infrastructure Limited (GIL) had initiated the process of divesting its equity stake in GMR Hotels and Resorts Limited or GHRL (that owns and manages the Novotel Hyderabad Airport Hotel), in the year 2013-2014 itself. However, as no binding agreement could be reached with any of the bidders, GHIAL could not conclude the divestment process. Hence, no information was released to Stock Exchanges. In the meantime, GMR Airports Limited (GAL) had offered to acquire the GHIAL's stake in GHRL. The Board of GHIAL could not decide on the offer and suggested bidding process under Swiss Challenge method.
Based on suggestion of the Board of Directors, the GHIAL has now recommenced the bidding process under a Swiss Challenge method, wherein the price offered by GAL earlier, would be the floor price. In this direction the GHIAL has vide a newspaper advertisement on 25th August, requested interested parties to submit their Expression of Interest (EoI) for acquiring 100 % equity stake in GHRL.
The bidding process is at a very early stage of calling for EoIs and based on any interest received over and above the floor price, GHIAL Board will take a suitable decision and which would be intimated to the Stock Exchanges as per the requirement." |
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