GMR raises Rs 700 cr debt to prepay Yes Bank
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.