Atlanta to dilute stake to fund USD 200 airport foray

The promoters of Mumbai-based Atlanta, an infrastructure development firm, are planning to dilute 15% stake to raise USD 200 million (Rs 8.87 billion) to fund its expansion plans, reports Business Standard.
The company is planning to enter into airport maintenance and related services and is targeting airport modernisation opportunities in Gujarat and Maharashtra.
`As the Airports Authority of India (AAI) is planning to modernise 35 non-metro airports, the company would soon foray into airport management apart from construction. The company is in talks with 2-3 airport operators of Singapore and Malaysia,` the company said. The company will be raising funds either through issue of equity to qualified institutional buyers (QIBs) or issue of foreign currency convertible bonds (FCCBs). After dilution of stake, the promoter`s stake will come down to 55% from 70%.
05/01/07 Myiris.com

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