SAIL commemorates International Day of Persons with Disabilities (See 'Corp Brief') 43 lakh accounts opened under Mahila Samman Scheme (See 'Corp Brief') CCI nod for acquisition of equity of Shiprocket by MUFG Bank (See 'Corp Brief') CCI okays acquisition of equity in Shiprocket by KDT Venture (See 'Corp Brief') CCI approves subscription to debentures of GMR Infra by Platinum Stone (See 'Corp Brief') DAC approves 5 capital acquisition proposals worth Rs 21,772 Cr (See 'Corp Brief') Atal Mission, Swedish Embassy celebrate SheSTEM 2024 (See 'Corp Brief') Arbitration Act - Appellant has no legal right to oppose withdrawal of application and/or insists that matter be referred to arbitration : HC (See 'Legal Desk') Arbitration-Arbitrator being judge of choice of parties not being bound by technicalities, hence, he is to follow principle of natural justice and those procedures which are provided under statute: HC (See 'Legal Desk') Adoption rate Of Ethanol Blended Fuel on the rise: Govt (See 'Corp Brief') India, Italy have strengthened bonds in Science and Innovation: MoS (See 'Corp Brief') IBC- Board has statutory mandate to oversee processes under Code and monitor performance of Insolvency Professionals, who are main driving force of CIRP : IBBI (See 'Legal Desk') Bharat NCX 2024 concludes with unprecedented success (See 'Corp Brief') SARFAESI Act - Petitioner company through its IRP is entitled to release of FDRs in their favour : HC (See 'Legal Desk') Coal production in November surpasses 90.62 Million Tonnes (See 'Corp Brief') MoS calls for strong StartUp-Industry linkage (See 'Corp Brief') Misc - Subsequent purchaser who fails to conduct proper inquiries about title & interest in immovable property they intend to purchase, can't be deemed 'bona fide' purchaser u/s 19(b) of Specific Relief Act: SC (See 'Legal Desk') Busan Summit: India calls for balanced approach (See 'Corp Brief') A&C - At stage of consideration of prayer u/s 11(6), Court has to confine itself to examination of existence of arbitration agreement: SC (See 'Legal Desk') Story of Viksit Bharat will be written in Alphabet of Science: MoS (See 'Corp Brief') Misc - No prior approval is required u/s 17A of Prevention of Corruption Act to 'trap' public servant who allegedly demands gratification: HC (See 'Legal Desk') NCGG achieves significant milestone (See 'Corp Brief') RTI - Information available on website is already in public domain: IBBI (See 'Legal Desk') SAIL, John Cockerill sign MoU to drive innovation and green steel technologies (See 'Corp Brief') Misc - Presumption u/s 20 of Prevention of Corruption Act is not necessary when nexus between demand and acceptance of illegal gratification stands established: SC LB (See 'Legal Desk') NHPC partners with GGGI to drive Clean Energy Innovations (See 'Corp Brief') Misc - Sale certificates neither transfer title nor require stamp duty, and filing of certificate u/s 89(4) of Registration Act suffices for registration: SC (See 'Legal Desk') Challenge to an arbitral award as being in conflict with 'public policy' (See CORP EINSICHT)

Print

CCI approves subscription to debentures of GMR Infra by Platinum Stone

Published: Dec 04, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 04, 2024: THE Competition Commission of India has   approved subscription to optionally convertible debentures of GMR Infra Enterprises Private Limited by Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC Limited).

The proposed combination involves proposed subscription to unlisted and unrated optionally convertible debentures (OCDs) of GMR Infra Enterprises Private Limited (Target SPV) by Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC Limited) (Acquirer). Prior to the issuance of OCDs as well as post the Acquirer's subscription to the OCDs, the Target SPV will acquire a cumulative of approximately 9% of the shareholding (on a fully diluted basis) of GMR Airports Limited (GAL) from its promoter, i.e., GMR Enterprises Private Limited (GEPL). Such shareholding of GAL held by the Target SPV will be pledged in favour of the Acquirer with a view to secure the OCD subscription amount (Proposed Combination).

The Acquirer is a trust established under the laws of the Abu Dhabi Global Market, Abu Dhabi, United Arab Emirates (acting through its Trustee, Platinum Rock B 2014 RSC Limited), whose sole beneficiary is The Abu Dhabi Investment Authority, a public institution established by the Government of the Emirate of Abu Dhabi as an independent investment institution.

GAL is a public company with its shares listed on the stock exchanges. GAL, through its subsidiaries, is engaged in developing, managing, and operating airports in India and around the world, while also being engaged in associated business activities. In India, GAL currently operates and manages three operational airports, through Delhi International Airport Limited, GMR Hyderabad International Airport Limited and GMR Goa International Airport Limited. The Target SPV does not have any business operations at present.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.