 "GMR")
With the delay in the proposed investment by Tata and Singapore’s sovereign wealth fund in the GMR group, GMR Airports (GAL) will now raise Rs 650 crore to pay off old debt by the end of this month and also give some money to the parent company.
Of the proposed Rs 650-crore bond issue, GAL plans to give Rs 400 crore to the holding company, GMR Infrastructure (GIL), which has a weak credit risk profile. CARE has given an
“A-” rating to its proposed non-convertible debenture (NCD) issue.
The remaining Rs 250 crore is expected to be used for meeting
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