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
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?