Hyderabad: GMR Hyderabad International Airport Limited (GHIAL) which manages the Rajiv Gandhi International Airport on Wednesday said that it has raised funds through the issuance of 10 year Listed, Rated, Redeemable, Secured Non-Convertible Debentures (NCDs) amounting to Rs 1,150 crore on private placement basis. The company said in a BSE filing that the funds were raised on December 13, Tuesday.
The NCDs have been priced at an interest rate of 8.805 percent per annum payable quarterly for an initial period of five years and thereafter the interest rate will be reset for next five years.
The issue has been subscribed by eligible investors (Qualified Institutional Buyers, registered under SEBI). The proceeds from the NCDs will be utilised for partial refinancing of about USD 140 Million of the existing (External Commercial Borrowings) ECB Bonds of 2024 and 2026, for which tendering has been completed, along with accrued interest and other issue expenses.
Commenting on the occasion, Grandhi Kiran Kumar, Corporate Chairman, GMR Group said, "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 investors 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."
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