GMR Infrastructure Limited on Monday said it has received consent from stock exchanges, with no adverse observations, on its proposed restructuring involving demerger of its non-airport vertical business. The company said it will file the scheme with the National Company Law Tribunal (NCLT) within six months.
The company said it had filed an application to "the Bombay Stock Exchange and National Stock Exchange of India towards the composite scheme of amalgamation and arrangement amongst GMR Power Infra (GPIL), GMR Infrastructure, GMR Power and Urban Infra and their respective shareholders (scheme)".
In August this year, GMR Infrastructure unveiled a strategic group restructuring plan involving demerger of non-airport vertical business as part of efforts to simplify the corporate holding structure. The restructuring is a step in the right direction towards creating pure plays in different businesses of the group thereby attracting sector-specific global investors and unlocking value for the current shareholders of GMR Infrastructure, the company said.
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