GVK Power & Infrastructure Limited has announced that its subsidiary GVK Airport Holdings Limited (GVKAHL) has exercised its right to acquire 162,000,000 equity shares of Mumbai International Airport Limited (MIAL), constituting 13.5% of the total paid-up share capital of MIAL, from Bid Services Division (Mauritius) Limited (Bidvest) at a rate of INR77 (US$1.09) per share. 

GVK is exercising its Right of First Refusal following an offer by the Adani Group to buy Bidvest's stake in MIAL. Adani's offer also covered Airports Company South Africa (ACSA)'s 10% stake in the consortium and was reportedly valued at INR95 billion (US$1.3 billion).

Upon completion of the acquisition, GVK's equity shareholding of the total paid-up share capital of MIAL will increase to 64% from the existing 50.5%.