The French airport operator has agreed to sell up to a 7.3% stake in GMR Airports for an estimated €924 million ($1.08 billion). The transaction begins with an immediate sale of a 3.4% stake for €256 million (approximately ₹2,800 crore).
Additionally, ADP holds an option to divest a further 3.9% stake for about €285 million (₹3,100 crore) by April 2027. The stake is being sold to an investment vehicle linked to the GMR Group’s founding family.
As part of the broader deal, the family-backed entity will also subscribe to convertible bonds worth €301 million (face value), along with accrued interest.
The transaction is expected to be completed by March 31, 2027.
ADP said the deal is aimed at unlocking value from its international assets, while maintaining its governance rights and co-promoter status in GMR Airports.
The company also clarified that it does not intend to sell any additional stake beyond this transaction.
Proceeds from the deal will be used for short-term deleveraging and could support a special dividend payout as early as this year.
ADP’s board has proposed a special dividend of €0.8 per share for FY25, with the possibility of an additional €1 per share distribution following the exercise of the stake sale option.
Citigroup acted as financial adviser to ADP, while S&R Associates and Hogan Lovells were the legal advisers, and Urban Strategic Pte served as strategic adviser.
Groupe ADP held a 29.86% stake in the company at end of Q4 under Aeroports de Paris S.A.
Shares of GMR Airports ended 1.25% lower at ₹96.17 on Thursday. The stock has gained about 8% over the past 12 months, taking the company’s market capitalisation to roughly ₹1.02 lakh crore.
First Published: Apr 24, 2026 7:43 AM IST
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