Shares of GMR Airports Ltd declined in trade on Friday after France-based airport operator Groupe ADP announced a multi-stage plan to sell up to a 7.3% stake in the company in a deal valued at around 924mn (million) euros or about US$1.08bn (billion). The scrip fell during the session on Friday following the announcement, reflecting investor reaction to the partial stake divestment by the foreign partner. At 2.33pm, GMR Airports was trading 1.35% down at ₹95.12 on the BSE, while the benchmark Sensex was 988 points down at 76,675 points.
According to details disclosed by ADP, the transaction will begin with an immediate sale of a 3.4% stake for 256mn euros, or about ₹2,800 crore. The agreement also includes an option for ADP to divest an additional 3.9% stake by April 2027, taking the total potential stake sale to 7.3%.
The stake is being sold to an entity linked to the GMR promoter group, which will lead to an increase in promoter holding in the airport operator. Upon completion of the transaction, the GMR group’s stake in the company is expected to rise to around 43.3%, while ADP’s holding will decline to about 22.7%.
In addition to the equity transaction, the GMR promoter group will also acquire convertible bonds held by ADP worth 301mn euros, along with accrued interest. The overall deal is expected to be completed by March 2027.
Despite the partial stake sale, ADP says it will retain its co-promoter status and continue to hold governance rights in the company. The French operator emphasised that the transaction is aimed at unlocking value from its investment while maintaining exposure to the long-term growth of India’s aviation sector.
“Groupe ADP is taking the opportunity to crystallise part of the value of its investment, while maintaining a significant economic exposure to the future growth potential of this key asset,” ADP chairman and chief executive officer (CEO) Philippe Pascal says in a statement.
The company noted that the valuation implied by the transaction is about four times higher than its initial investment, underscoring strong value creation since it acquired a significant stake in GMR Airports in 2020.
Proceeds from the deal will be used by ADP to reduce debt in the near term and potentially fund shareholder returns. The company’s board has proposed a special dividend of 0.8 euros per share for 2025, with the possibility of an additional payout if the remaining stake sale is completed.
Market participants viewed the move as part of ADP’s broader strategy to rebalance its global portfolio while monetising mature investments. However, the stake sale weighed on investor sentiment in the near term, with GMR Airports shares declining during Friday’s session.
The development comes at a time when India’s aviation infrastructure sector continues to see strong growth prospects, driven by rising passenger traffic and expanding airport capacity. While ADP’s partial exit signals profit-taking, its decision to retain a significant stake and governance role indicates continued confidence in the business's long-term outlook.
Further updates on the transaction are expected as the deal progresses towards completion over the next two years.
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