New Delhi: GMR Group has received Rs 6,300 crore investment from Abu Dhabi's sovereign wealth fund ADIA and the funds will help in reducing the debt of promoter group entity GMR Enterprises Pvt Ltd (GEPL).
In October last year, the group had announced securing Rs 6,300 crore debt funding from the Abu Dhabi Investment Authority (ADIA).
GMR Infra Enterprises Pvt Ltd (GIEPL) has received the amount towards the allotment of Optionally Convertible Debentures (OCDs) on January 7, according to a regulatory filing.
The company is a wholly-owned subsidiary of GEPL, a promoter group entity controlled by G M Rao. GEPL is the promoter of GMR Airports Ltd (GAL).
"This investment shall facilitate the company (GMR Enterprises Private Ltd, Promoter HoldCo) to pay down its debt, which was taken against pledge of shares and shall result in substantially reducing its share pledges and refinancing risk. This transaction establishes a capital partnership between GMR Promoters and ADIA," the filing, submitted to BSE late on Tuesday, said.
GMR Group operates three airports in India -- Delhi, Hyderabad and Goa -- and two airports in the Philippines and Indonesia.
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