GMR Hyderabad International Airport (GHIAL), which manages Rajiv Gandhi International Airport, has raised funds through the private placement of 10-year listed, valued, redeemable Secured Non-Convertible Debentures (NCDs) worth Rs 11.50 billion.
The NCDs are priced at an annual interest rate of 8.805%, payable quarterly for the first five years, after which the interest rate will be reviewed for the following five years.
Eligible investors have subscribed to the issue (qualified institutional buyers, registered under SEBI). The proceeds from the NCDs will be used to partially refinance approximately USD 140 million of the current (External Commercial Lending) 2024 and 2026 ECB Bonds, for which the tender has already taken place, as well as accrued interest and other issuance costs.
Grandhi Kiran Kumar, Corporate Chairman, GMR Group, commented on the occasion saying that this is GHIAL's first publicly traded transaction in the local debt market and the response from investors has been phenomenal. The GHIAL sale was subscribed for by qualified investors or QIBs. This demonstrates investor confidence in our ability to raise funds in the domestic market and reflects our continued efforts to create value for our investors. The successful pricing of the offering underlines the investors' confidence in GMR Group and the creditworthiness of GHIAL.
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