The deadline for Adani Properties to acquire Bidvest’s stake in GVK-controlled Mumbai International Airport has been extended to November 7, lawyers of the Gautam Adani promoted company told the Bombay HC.
In April, Bidvest had agreed to sell its stake to Adani Properties by September 30 for? 1,235 crore. Adani Properties approached the court seeking its intervention to restrain Bidvest from selling its stake to any third party. Simultaneously, the arbitration tribunal is hearing a dispute between the GVK and Bidvest where the Hyderabad-based infrastructure company, which owns the first right of refusal to buy out Bidvest’s stake, is also in the race to acquire the same stake.
GVK has time till October 31 to buy out 13.5% from Bidvest in the MIAL. On Tuesday, the counsel for the Adani Properties informed the court that the long stop date to complete the transaction between petitioner (Adani) and defendant no. 1 (Bidvest) has been extended from the earlier date of September 30.
“We want the court’s direction to the parties to give us 48 hours if they decide to sell their stake to anyone since we are not a party to the arbitration between GVK and Bidvest,” argued Vikram Nankani, senior counsel for the Adani Properties. “If the transaction between them goes through, then this petition will be frustrated.”
