Delhi International Airport to raise funds up to Rs 16 bn via debentures

11 Oct 2022 CW Team

In order to finance the remaining capital expenses for capacity development by September 2023, Delhi International Airport (DIAL), a GMR group subsidiary, will issue up to Rs 16 billion through debentures. The project cost had been incurred as of the end of August 2022, totaling Rs. 77.65 billion.

The anticipated NCDs (an alternative to lease finance loan), Real estate Security Deposits (RSDs), and cash on hand designated for the project are estimated to cover the project's outstanding cost of Rs 37.85 billion.

To enhance the passenger capacity to 100 million by September 2023, DIAL is now engaged in a significant capital expenditure (capex) initiative. Due to the COVID epidemic, the capex schedule was changed from June 2022 to September 2023.

Due to the considerable decrease in internal accruals caused by the Covid-19 disruptions in FY2021 and FY2022, the business issued bonds in March 2021 and June 2022 to generate extra debt.

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