GMR Infrastructure Limited on Monday said it has received consent from the stock exchanges, with no adverse observations, on its proposed restructuring involving the demerger of its non-airport vertical business.

The company said it will file the restructuring scheme with the National Company Law Tribunal (NCLT) within six months.

“The company has received consent of the stock exchanges, with no adverse observations, to file the scheme with the National Company Law Tribunal, within six months,” GMR Infrastructure said in a regulatory filing.

The company said it had filed an application to “the BSE and National Stock Exchange of India towards the composite scheme of amalgamation and arrangement amongst GMR Power Infra (GPIL), GMR Infrastructure Limited (GIL), GMR Power and Urban Infra Limited (GPUIL) and their respective shareholders (scheme)”.

In August, GMR Infrastructure had unveiled a group restructuring plan involving the demerger of the non-airport vertical business.

The board of GIL together with other group companies — GMR Power Infra Limited (GPIL) and GPUIL — have decided on a “composite scheme of arrangement involving vertical split demerger of the non-airport business (energy, EPC, urban infrastructure, etc) of GIL into GPUIL, as a going concern”.

Along with the rejig, GPIL would be amalgamated with GMR Infrastructure Ltd (GIL) as a step preceding the demerger. the firm had said.

“Separate listing of both the airport and non-airport businesses will also help in simplifying the corporate holding structure. The vertical split demerger will go a long way in facilitating deeper understanding of the airport business independently as compared to other business verticals within the group,” the statement said. The GMR group operates the country’s busiest airport, Indira Gandhi International Airport in New Delhi, and Hyderabad’s Rajiv Gandhi International Airport. It also operates the Cebu airport in the Philippines.

Once the scheme is implemented, the statement said GIL would emerge as the India's only pure play-listed airports company and all existing GIL shareholders would continue to have their same shareholding in the company.

The appointed date for the scheme, being the date on which the undertakings shall vest in the respective resulting companies, has been fixed as April 1, 2021. The scheme is subject to customary approvals from stock exchanges, Sebi, NCLT, shareholders and creditors.

The scheme is to create "mirror shareholding of GIL in GPUIL with all existing shareholders of GIL becoming shareholders of GPUIL in the same proportion". It also envisages issue of 1 additional share of Rs 5 each of GPUIL for every 10 shares in GIL of Re 1 each as on the record date.