GMR Hyderabad Airport raises Rs 11.50 bn through NCDs

16 Dec 2022 CW Team

GMR Hyderabad International Airport (GHIAL), which administers Rajiv Gandhi International Airport, has obtained funds through the private placement of 10-year listed, rated, redeemable Secured Non-Convertible Debentures (NCDs) worth Rs 11.50 billion.

The NCDs have been priced at an annual interest rate of 8.805% payable quarterly for the first five years, following which the interest rate will be reset for the next five years.

Eligible investors have subscribed to the issuance (qualified institutional buyers, registered under SEBI). The revenues from the NCDs will be used to partially refinance approximately USD 140 million of the current (External Commercial Borrowings) ECB Bonds of 2024 and 2026, for which tendering has already taken place, as well as accumulated interest and other issue charges.

Grandhi Kiran Kumar, Corporate Chairman, GMR Group, commented on the occasion, saying that this is GHIAL's first listed transaction in the local debt market, and the response from investors has been phenomenal. The GHIAL sale was subscribed to by qualified investors or QIBs. This shows the confidence of investors in our ability to raise funds from the domestic market and reflects our continued effort to create value for our investors. The successful pricing of the offering underscores investors' confidence in GMR Group and the credit strength of GHIAL.

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