GMR Infrastructure on Monday said it has received consent from stock exchanges, with no adverse observations, on its proposed restructuring involving demerger of its non-airport vertical business.
The company said it will file the scheme with the National Company Law Tribunal (NCLT) within six months.
"…The company has received consent of the stock exchanges, with no adverse observations, to file the scheme with the National Company Law Tribunal, within six months," GMR Infrastructure said in a regulatory filing.
The company said it had filed an application to "the BSE and National Stock Exchange of India towards the composite scheme of amalgamation and arrangement amongst GMR Power Infra (GPIL), GMR Infrastructure, GMR Power and Urban Infra and their respective shareholders (scheme)".
In August this year, GMR Infrastructure unveiled a strategic group restructuring plan involving demerger of non-airport vertical business as part of efforts to simplify the corporate holding structure.
The restructuring is a step in the right direction towards creating pure plays in different businesses of the group thereby attracting sector-specific global investors and unlocking value for the current shareholders of GMR Infrastructure, the company had then said in a statement.
Separate listing of both the airport and non-airport businesses will also help in simplifying the corporate holding structure. The vertical split demerger will go a long way in facilitating deeper understanding of the airport business independently as compared to other business verticals within the group, the statement added.
Currently, GMR group operates the country's busiest aerodrome, Indira Gandhi International Airport in New Delhi, and Hyderabad's Rajiv Gandhi International Airport. Also, it operates Cebu airport in the Philippines.
Once the scheme is implemented, GMR Infrastructure would emerge as India's only pure play-listed airports company and all existing shareholders would continue to have their same shareholding in the company.
The scheme is subject to customary approvals including stock exchanges and NCLT.
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