India's GVK looking to raise cash to ward off hostile takeover bid for Mumbai airport

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GVK Airport Holdings Ltd, the majority owner of Mumbai International Airport Ltd (MIAL), has approached lenders to urgently raise cash to ward off a potential takeover of the prized asset, two people directly aware of the development said requesting anonymity.

The owners, who pledged a majority of their stake in the asset to three private banks, are due to repay the debt in the coming months, failing which the lenders are likely to invoke the pledge and can sell the stake to a third party to recover the dues. The immediate value of the total promoter pledge could not be ascertained.

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