Malaysia Airports Holdings Berhard (MAHB) has signed an agreement to sell its 11% stake in GMR Hyderabad International Airport (GHIAL) in India to GMR Airports.

MAHB stated that the Rs4.84bn ($76m) sale is aimed at unlocking its investment value as part of its portfolio rebalancing strategy.

GMR informed of the sale in a regulatory filing. It will purchase 4.15 crore shares at Rs10 from MAHB and its subsidiary, MAHB Mauritius. This is equivalent to an 11% stake in the airport.

“GMR currently holds 63% of GHIAL, and following the latest equity acquisition from MAHB, this will rise to 74%.”

The special purpose vehicle GMR Hyderabad Airport is currently managing the Greenfield airport Rajiv Gandhi International Airport under a public, private partnership mode. This is based on a build, own, operate and transfer basis.

GMR currently holds 63% of GHIAL, and following the latest equity acquisition from MAHB, this will rise to 74%.

The Airports Authority of India and the Telangana government own 13% each of the remaining stake.

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The price is based on the assumption that the transaction takes place before 1 December. Subject to regulatory approvals, the sale is expected to be completed by April.

GHAIL has a 60-year concession period starting from March 2008. It is currently taking up the expansion of the Hyderabad airport at a cost of more than Rs25bn ($388m).

Recently, the company raised $350m by way of offering bonds for expansion, as well as repaying older debts.