GMR Airports Infrastructure rose 1.93% to Rs 39.60 after its step-down subsidiary, GMR Hyderabad International Airport (GHIAL), raised funds through issuance of non-convertible debentures (NCDs) amounting to Rs 840 crore, on private placement basis.
GHIAL is a subsidiary of GMR Airports and a step-down subsidiary of GMR Airports Infrastructure (formerly known as GMR Infrastructure).These 10 year listed, rated, redeemable, secured NCDs will be listed on Bombay Stock Exchange (BSE).
The debentures have 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 proceeds from the NCDs will be utilized for partial refinancing of $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.
Grandhi Kiran Kumar, corporate chairman of GMR Group said, 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.
Also Read
GMR Airports 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.
The company's net profit from continuing operations surged 79.49% to Rs 104.82 crore on 29.49% rise in revenue from operations to Rs 1,766.36 crore in Q3 FY23 over Q3 FY22.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
