Delhi international airport plans to refinance debt

In order to refinance its existing debt, Delhi International Airport Limited (DIAL) intends to raise up to Rs 750 crore in new capital through long-maturity debentures with reduced interest rates. The proposal comes shortly after global rating agency Standard & Poor's (S&P) raised DIAL's long-term issuer rating from B to B+ as a result of the company's increased profitability and traffic. In conjunction with the Airports Authority of India (AAI) (26%), Fraport AG Frankfurt Airport Services Worldwide (10%), and the GMR parent through its parent company, GMR Airports Limited (64%), DIAL is a joint venture. The proposed non-convertible debentures (NCDs) of the corporation have received a A+ rating from India Ratings (Ind-Ra). It has also given an optimistic view to the current ratings.