GMR Visakhapatnam International Airport Ltd executes concession to build Bhogapuram International Airport

GMR Airports Infrastructure Limited's step-down subsidiary of the Company i.e., GMR Visakhapatnam International Airport Limited ('GVIAL'), the company that has the concession to build and operate the greenfield Bhogapuram International Airport, has executed financing agreement for an amount of INR 3,215 crores, with a consortium of 5 banks/ financial institutions, lead by India Infrastructure Finance Company Limited (IIFCL), to part finance the Phase I development of Bhogapuram International Airport, which would cater to 6 million passengers annually.

The aforesaid debt will have a tenure of 18 years, comprising 3 years of construction phase, 1 year of stabilisation phase and 14 years of structured repayments.

With execution of these financing agreements, GVIAL has tied up the necessary debt to fund this project. The overall project cost would be INR 4,727 crores. As part of the concession provision, an amount of INR 134.55 crores, shall be reimbursed by the Andhra Pradesh Airports Development Corporation Limited (APADCL) and the remaining amount shall be funded by way of equity/CCDs/sub debt etc.

Shares of GMR Infrastructure Limited was last trading in BSE at Rs. 68.89 as compared to the previous close of Rs. 61.66. The total number of shares traded during the day was 862858691 in over 67758 trades.

The stock hit an intraday high of Rs. 70.22 and intraday low of 58.19. The net turnover during the day was Rs. 51391264891.00.

Source : Equity Bulls

Keywords

GMRAirportsInfrastructure INE776C01039 GMRVisakhapatnamInternationalAirport BhogapuramInternationalAirport