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ADP to sell around 7.3% stake in India’s GMR Airports for up $1.05 billion

By: Kahani News Desk

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ADP to sell around 7.3% stake in India’s GMR Airports for up $1.05 billion

April 23 (Reuters) – France's airport group ADP said on Thursday it had agreed with India's GMR Group to sell up to a 7.3% stake in GMR Airports Ltd for an estimated 924 million euros ($1.05 billion) in cash.

Here are some details:

* The transaction includes an immediate sale of a 3.4% stake for 256 million euros ($299 million).

* The deal includes options for ADP to sell a further 3.9% stake by April 2027.

* ADP's board proposed a special dividend of 0.8 euros per share for 2025, the company said.

* GMR Group will also buy back convertible bonds held by ADP for 301 million euros plus interest.

* ADP said the deal would preserve its governance rights and promoter status in GMR Group.

* ADP added that the transaction was part of its strategy to unlock value from international assets.

(Reporting by Dagmarah Mackos; Editing by Hugh Lawson)

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Kahani News Desk
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