GMR Hyderabad Airport raises Rs.1150 crore through NCDs


Hyderabad : GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and a step-down subsidiary of GMR Airports Infrastructure Limited has announced that it had on December 13, 2022, successfully raised funds through the issuance of 10 year Listed, Rated, Redeemable, Secured Non[1]Convertible Debentures (NCDs) amounting INR 11.50 billion, on private placement basis. The NCDs will be listed on BSE Limited.

The NCDs have been priced at an interest rate of 8.805 % per annum payable quarterly for an initial period of 5 years and thereafter interest rate will be reset for next 5 years. The issue has been subscribed by eligible investors (QIBs, registered under SEBI). The proceeds from the NCDs will be utilized for partial refinancing of ~ US$ 140 Million of the existing ECB Bonds of 2024 and 2026, for which tendering has been completed, along with accrued interest and other issue expenses.

“We are delighted on the successful completion of this transaction. This is GHIAL’s first listed transaction in the domestic debt market and response from the investors was overwhelming. The offering through GHIAL was subscribed by eligible Investors i.e. QIBs. This shows the confidence of investor in our ability to raise funds from the Domestic Market and reflects our continued effort to create value for our investors. The successful pricing of the offering underscores investors’ confidence in GMR Group and credit strength of GHIAL” said Grandhi Kiran Kumar, Corporate Chairman, GMR Group.

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