GMR Airports Infra arm raises Rs 1,150 cr via NCDs

GMR Airports Infrastructure announced that its subsidiary, GMR Hyderabad International Airport (GHIAL), raised non convertible debentures (NCDs) amounting Rs 1,150 crore, on private placement basis.

The company raised funds through the issuance of 10 year Listed, Rated, Redeemable, Secured Non- Convertible Debentures (NCDs). The said insrtument will be listed on BSE.

The NCDs have been priced at an interest rate of 8.805% 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 ~$140 million of the existing ECB Bonds of 2024 and 2026, for which tendering has been completed, along with accrued interest and other issue expenses.

 

Grandhi Kiran Kumar, corporate chairman, GMR Group said, "We are delighted on the successful completion of this transaction. This is GHIAL's first 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."

GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones and construction.

The company reported net profit of Rs 207.83 crore in Q2 FY23 as compared to Net loss of Rs 3.61 crore in Q2 FY22. Net sales rose 53.6% year on year to Rs 1,588.45 crore in Q2 FY23.

The scrip rose 0.23% at Rs 43.45 on the BSE.

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