GMR Highways has raised Rs 700 crore debts from foreign portfolio investors Zeal Global Opportunities Fund and Nova Global Opportunities Fund to prepay loans raised from Yes Bank. Both invested Rs 350 crore each in secured, unlisted and unrated bonds of GMR Highways maturing on February 20, 2028.

The bonds have been issued at 14% per annum for 48 months. The company has pledged 100% of its equity shares, and the parent company, GMR Power & Urban Infra, has provided a corporate guarantee. The bonds can be redeemed any time after the end of 24 months or in case of a default.

In 2018-19, the company raised an eight-year term loan from Yes Bank wherein it pledged a 23.5% stake in GMR Airports and 20% of GMR Energy with a private lender, according to GMR Highways' annual report for 2022-23. Besides, GMR Infrastructure provided an unconditional guarantee to Yes Bank. The outstanding stood at Rs 624 crore, as of March 31, 2023, according to the annual report.