GMR Infra to divest full stake in APFTAL

GMR Infra on Monday informed the bourses that its subsidiary GMR Hyderabad International Airport Limited (GHIAL), has divested its 100 per cent stake in its subsidiary called Asia Pacific Flight Training Academy Limited (APFTAL) to a third party, for a token consideration.

The company has not specified the amount at which the transaction is likely to take place. As a result of this divestment, APFTAL will cease to be a subsidiary of GHIAL and thereby also of GMR.

Earlier, with a view to unlock shareholder value, the board of directors of GMR decided to form a Sub-Committee to consider and evaluate various possible options of demerger to facilitate value unlocking in existing businesses of the group.

Asia Pacific Flight Training Academy Limited (APFTAL) is into the business of providing flight training. During 9MFY19 period, its revenue stood at Rs. 4.72 crore with a net loss of Rs. 1.47 crore (excluding exceptional items) and accumulated losses of Rs. 11.37 crore. This divestment is likely to help the company to concentrate on its core business and focus on the growth of the same.

GMR is an infrastructure conglomerate with interests in Airport, Energy, Transportation and Urban Infrastructure. GMR operates Delhi and Hyderabad airports in India and at international level, it operates Cebu Airport.

On Friday, the stock of GMR Infra closed at Rs. 16.65, up by 2.78 per cent on the BSE. The stock had hit its 52-week high of Rs. 21.50 on September 3, 2018 and its 52-week low of Rs. 13.45 on February 5, 2019 on the BSE.