GMR Hyderabad International Airport Ltd raises Rs. 8.40 billion through NCDs

GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and a step-down subsidiary of GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Limited (GIL)), announced that it had on March 13, 2023 successfully raised funds through the issuance of 10 year Listed, Rated, Redeemable, Secured Non-Convertible Debentures (NCDs) amounting INR 8.40 billion, on private placement basis. The NCDs will be listed on BSE Limited.

The NCDs have been priced at an interest rate of 8.71% 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$ 100 Million of the existing Foreign Currency Bonds of 2024, for which tendering has been completed, along with accrued interest and other tender offer / issue expenses.

Commenting on the occasion, Mr. Grandhi Kiran Kumar, Corporate Chairman, GMR Group said, "We are delighted on the successful completion of this transaction. This is GHIAL's second 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".

Shares of GMR Airports Infrastructure Limited was last trading in BSE at Rs. 38.85 as compared to the previous close of Rs. 39.43. The total number of shares traded during the day was 251919 in over 508 trades.

The stock hit an intraday high of Rs. 39.75 and intraday low of 38.59. The net turnover during the day was Rs. 9857416.00.

Source : Equity Bulls

Keywords

GMRAirportsInfrastructure INE776C01039 AirportServices GMRHyderabadInternationalAirport FundRaising NCDs