NEW DELHI: Bidvest Service, a Mauritius-based services, trading and distribution group, is set to exit Mumbai International Airport Ltd. (MIAL), the consortium that runs India’s second-busiest airport, having found a buyer for its 13.5% stake.Bidvest’s holdings have been valued at Rs 1,248.75 crore, or Rs 77 per share, according to documents seen by ET. At this rate, MIAL is valued at about Rs 9,500 crore, lower than the promoter group’s expectation.Bidvest has found a buyer for its stake, people aware of the development said, and it has given notice to other consortium shareholders GVK and ACSA Global Ltd. to counter the offer under the right of first refusal, as laid out in the shareholders’ agreement.“This offer is valid for 30 days starting January 26, 2019, after which Bidvest would be free to sell it to others,” said an official with knowledge of the matter who did not want to be identified. The identity of the buyer is not known.67780533

GVK, through GVK Airport Holdings, and ACSA own 50.5% and 10%, respectively, in the consortium. State-owned Airports Authority of India owns 26% in the company and also 74% in the consortium that will build and operate the Navi Mumbai airport.Bidvest has written to GVK and ACSA, with a copy marked to AAI, asking the two partners to match the offer within a month, according to the letter dated January 26, 2019, which ET has reviewed. “As a matter of policy, we do not comment on speculation,” GVK said in a statement.While Bidvest’s exit is along expected lines, the valuation of its 13.5% stake is likely to affect the prospects of GVK Airport’s plan to raise money because it had expected the valuation to be almost 50% higher.GVK is said to be looking to raise about Rs 3,500 crore at a valuation of Rs 14,000 crore, but potential investors are pegging a lower valuation for the airport company. Officials said GVK is seeking a high valuation on the back of the value locked in the planned real estate development of land at Mumbai airport.MIAL has the right to develop 2.5% of the total land area of Mumbai airport for real estate. However, the airport operator has monetised only a small portion of the land so far, pending approvals.