Fairfax India shareholders approve one-time deviation to acquire more equity in BIAL operator of airport in Bengaluru
The Hindu
The completion of the additional BIAL investment remains subject to receipt of applicable third-party consents and other customary closing conditions.
Fairfax India Holdings Corporation has announced that its shareholders have approved a one-time deviation from its investment concentration restriction to allow acquisition of an additional 10% equity interest in Bangalore International Airport Limited (BIAL), which is the operator of the Kempegowda International Airport (KIA) in Bengaluru. KIA is the third busiest airport in India.
The company had held a special meeting of shareholders on January 28 in this connection.
In December 2024, Fairfax had entered into an agreement to acquire an additional 10% equity interest in Bangalore International Airport Limited (BIAL) from Siemens Project Ventures GmbH. On December 3, the company had announced that, once the transaction is completed, Fairfax India’s equity interest in BIAL would increase from 64% to 74% (30.4% to be held by a wholly-owned subsidiary and 43.6% to be held by its subsidiary Anchorage Infrastructure Investments Holdings Limited).
Fairfax India had planned to seek the requisite approval from shareholders for the transaction at a special meeting expected to be held in January 2025.
On January 29. the company stated: “Fairfax is pleased to announce the voting results from its special meeting of shareholders held on January 28, 2025 in connection with a proposed one-time deviation from the company’s investment concentration restriction set forth in its by-laws in order to complete the previously announced acquisition of an additional 10% equity interest in BIAL.”
The special resolution to approve the one-time deviation from the investment concentration restriction required the approval of the holders of multiple voting shares and subordinate voting shares of the company, each voting separately as a class.
“At the special meeting, the special resolution was approved by 100% of the votes cast by holders of multiple voting shares, and approximately 99% of the votes cast by holders of subordinate voting shares,” Fairfax India informed.
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