GMR Hyderabad International Airport Ltd (GHIAL) is planning to raise Rs 1,250 crore through non-convertible debentures (NCDs) from the domestic market to partially repay foreign exchange loans amounting to $300 million.
GHIAL's dollar-denominated senior secured notes (aka bonds), which carry a coupon rate of 5.37 per cent, are due for repayment in April 2024. These would be partly refinanced with 10-year NCDs at a lower rate of interest. The 'AA'-rated NCDs would help improve GHIAL's debt maturity profile, rating agency Icra said in a statement.
Icra also upgraded the outlook on various financial instruments from “stable” to “positive”, while factoring