DIAL to sell stake in Delhi Cargo

The Delhi International Airport Limited (DIAL), a subsidiary of GMR Infrastructure, has entered into a definitive agreement to sell its entire stake of 26 per cent of the equity capital of Delhi Cargo Service Centre which operates cargo operations at Delhi Airport, GMR informed the exchanges. DIAL shall sell its India Infrastructure Fund-II for Rs 28.60 crore.
DIAL has agreed to sell its entire holding of 1.09 crore equity shares of face value of Rs 10 each, to India Infrastructure Fund -II (investment manager – IDFC Alternatives Limited), for Rs 26.20 per share aggregating a total consideration of Rs 28.60 Crore, GMR said. The consummation of share sale is subject to fulfillment of certain conditions precedent, GMR added.