GMR Hyderabad Airport raises Rs 11.50 bn through NCDs
AVIATION & AIRPORTS

GMR Hyderabad Airport raises Rs 11.50 bn through NCDs

GMR Hyderabad International Airport (GHIAL), which administers Rajiv Gandhi International Airport, has obtained funds through the private placement of 10-year listed, rated, redeemable Secured Non-Convertible Debentures (NCDs) worth Rs 11.50 billion.

The NCDs have been priced at an annual interest rate of 8.805% payable quarterly for the first five years, following which the interest rate will be reset for the next five years.

Eligible investors have subscribed to the issuance (qualified institutional buyers, registered under SEBI). The revenues from the NCDs will be used to partially refinance approximately USD 140 million of the current (External Commercial Borrowings) ECB Bonds of 2024 and 2026, for which tendering has already taken place, as well as accumulated interest and other issue charges.

Grandhi Kiran Kumar, Corporate Chairman, GMR Group, commented on the occasion, saying that this is GHIAL's first listed transaction in the local debt market, and the response from investors has been phenomenal. The GHIAL sale was subscribed to by qualified investors or QIBs. This shows the confidence of investors 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 the credit strength of GHIAL.

Also Read
Shriram-ASK Fund buys stressed property in Bengaluru
India plans to commission 20 N-power plants by 2031

GMR Hyderabad International Airport (GHIAL), which administers Rajiv Gandhi International Airport, has obtained funds through the private placement of 10-year listed, rated, redeemable Secured Non-Convertible Debentures (NCDs) worth Rs 11.50 billion. The NCDs have been priced at an annual interest rate of 8.805% payable quarterly for the first five years, following which the interest rate will be reset for the next five years. Eligible investors have subscribed to the issuance (qualified institutional buyers, registered under SEBI). The revenues from the NCDs will be used to partially refinance approximately USD 140 million of the current (External Commercial Borrowings) ECB Bonds of 2024 and 2026, for which tendering has already taken place, as well as accumulated interest and other issue charges. Grandhi Kiran Kumar, Corporate Chairman, GMR Group, commented on the occasion, saying that this is GHIAL's first listed transaction in the local debt market, and the response from investors has been phenomenal. The GHIAL sale was subscribed to by qualified investors or QIBs. This shows the confidence of investors 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 the credit strength of GHIAL. Also Read Shriram-ASK Fund buys stressed property in Bengaluru India plans to commission 20 N-power plants by 2031

Next Story
Infrastructure Urban

Campal Stadium Project Delayed

The football stadium and parade ground project in Campal, Panaji, which was initiated under the smart city plan, has yet to be completed, even though it is over a year past its original deadline. The project started on March 21, 2022, and according to the initial work order, it was supposed to be finished by September 20, 2023. Imagine Panaji Smart City Development Ltd (IPSCDL) has reported that 98% of the work is complete, with the final 2% expected to be finished by March 2025. "A small area where the concrete batching plant is situated needs completion," they said. The project's total est..

Next Story
Infrastructure Urban

Cleanliness Control Centre to Monitor Work, Complaints 24X7

Jaipur's cleanliness management system is set to be more efficient with the Integrated Command and Control Centre now operating 24/7. On Friday, Arun Kumar Hasija, CEO of Jaipur Smart City Limited, issued orders to implement this change. Hasija explained that the centre will supervise door-to-door refuse collection, sanitation operations, and mechanized cleaning activities. Special attention is being given to night-time cleaning across the city, with advanced machinery being used to sanitize road dividers in areas like the Walled City. The centre will now operate round-the-clock to improve c..

Next Story
Infrastructure Urban

Rs 1 Bn Plan for Waste Disposal at Bandhwari Landfill

A Rs 1 billion plan for disposing of over 10 lakh tonnes of legacy waste at the Bandhwari Solid Waste Treatment Plant has been submitted to the Department of Urban Local Bodies (ULB) for approval. The proposal is expected to be approved in an upcoming purchase committee meeting led by Haryana Chief Minister Nayab Singh Saini, officials from the Municipal Corporation of Gurugram (MCG) said. This proposal follows the December 17 deadline set by the National Green Tribunal (NGT) for MCG to submit an update on waste disposal progress at Bandhwari. Earlier this year, MCG had assured the NGT in an a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000