Net Loss of GVK Power & Infrastructure reported to Rs 146.98 crore in the quarter ended September 2019 as against net loss of Rs 121.53 crore during the previous quarter ended September 2018. Sales declined 1.18% to Rs 995.22 crore in the quarter ended September 2019 as against Rs 1007.15 crore during the previous quarter ended September 2018.

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GVK Power & Infrastructure announced that GVK Airport Developers (GVKADL) and GVK Airport Holdings (GVKAHL) subsidiaries of the company, have on 27 October 2019 entered into definitive agreements with subsidiaries of the Abu Dhabi InvestmentAuthority (ADIA), Public Sector Pension Investment Board (PSP Investments) and with National Investment & Infrastructure Fund (NIIF) (each an Investor and collectivelyInvestors), whereby the Investors will make an aggregate investment of Rs 7,614 crore, into GVKAHL (Transaction).

GVKAHL, is the holding company of Mumbai International Airport (MIAL) andengaged in the business of developing, operating and managing the Chhatrapati ShivajiMaharaj International Airport (CSMIA) and development of Navi Mumbai InternationalAirport (NMIA) through MIAL's subsidiary Navi Mumbai International Airport (NMIAL).

Proceeds from the above Transaction will be used by GVK to primarily retire debtobligations of its holding companies significantly and fund the purchase of additionalshares in MIAL by GVKAHL from Bidvest and ACSA in accordance with the Right of FirstOffer already exercised by GVKAHL. The Transaction closure is subject to satisfactorycompletion of closing conditions including regulatory / third party approvals and lenderconsents.

With this Transaction, MIAL and NMIAL will also benefit from the backing of globalinfrastructure investors as both airports embark on the next growth phase that would lead tounlocking significant value through real estate development in MIAL and the development ofthe NMIA.

As per the terms of the proposed Transaction, upon completion, GVKAHL will have fourshareholders - GVKADL, ADIA, PSP Investments and NIIF.

Dr. GVK Reddy will continue as Executive Chairman and G V Sanjay Reddy as ManagingDirector in both MIAL and NMIAL. Krishna R. Bhupal will continue as the Director of MIALand also Executive Director of NMIAL. Both airports will continue to be branded as GVKAirports. Upon completion of the Transaction, GVKADL will hold 20.9% in GVKAHL and thebalance will be equally shared between the Investors.

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GVK Power & Infrastructure Ltd lost 1.57% today to trade at Rs 3.13. The S&P BSE Utilities index is down 0.3% to quote at 1781.32. The index is down 2.13 % over last one month. Among the other constituents of the index, Reliance Power Ltd decreased 1.49% and GAIL (India) Ltd lost 1.09% on the day. The S&P BSE Utilities index went down 7.2 % over last one year compared to the 9.9% surge in benchmark SENSEX.

GVK Power & Infrastructure Ltd has lost 34.52% over last one month compared to 2.13% fall in S&P BSE Utilities index and 4.1% rise in the SENSEX. On the BSE, 67497 shares were traded in the counter so far compared with average daily volumes of 2.81 lakh shares in the past one month. The stock hit a record high of Rs 8.63 on 14 Nov 2018. The stock hit a 52-week low of Rs 3 on 16 Oct 2019.

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GVK Power & Infrastructure will hold a meeting of the Board of Directors of the Company on 14 November 2019.

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