Bangalore International Airport Limited (BIAL), the operator of Kempegowda International Airport (KIA), has successfully concluded the largest unlisted private placement of Non-Convertible Debentures (NCDs) in India’s airport sector, raising a total of Rs 90 billion.

The fundraising is structured in two tranches: the first tranche of Rs 43.62 billion was completed on 25 July 2025, and the second tranche of Rs 46.38 billion is expected to be finalised by early October 2025. SBICAPs acted as the sole arranger for the issuance.

Bhaskar Rao, Chief Financial Officer of BIAL, described the transaction as a major milestone for the airport operator. “This landmark issuance reflects strong investor confidence in our long-term vision and significantly strengthens our financial position ahead of our next phase of expansion,” Rao said.

He added that the refinancing would optimise BIAL’s capital structure. The long-tenure structure and improved credit rating are expected to deliver greater value to stakeholders, including passengers and airline partners, through improved affordability and expanded infrastructure.