GVK Power & Infrastructure announced that GVK Airport Holdings, a step down subsidiary of the company, has exercised its right, under ''Right of First Refusal'' in terms of the Shareholders Agreement dated April 4th, 2006, subject to certain terms and conditions, as may be mutually agreed, regulatory and other approvals and also in accordance with the various contractual agreements between GVKAHL and Bid Services Division (Mauritius) (Bidvest), to acquire 16,20,00,000 equity shares of Mumbai International Airport (MIAL) MIAL), constituting 13.5% of the total paid-up share capital of MIAL, from Bidvest at the rate of Rs 77 a share.

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

Shares of the company gained Rs 0.95, or 12.87%, to trade at Rs 8.33. The total volume of shares traded was 1,773,459 at the BSE (10.39 a.m., Monday).