+
GMR raises Rs 700 cr debt to prepay Yes Bank
ROADS & HIGHWAYS

GMR raises Rs 700 cr debt to prepay Yes Bank

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Syrma SGS Elemaster Opens High-Reliability Electronics Facility

Syrma SGS Technology and Elemaster Group have inaugurated a new high-reliability electronics manufacturing facility in Bengaluru through their joint venture, Syrma SGS Elemaster Private Limited.The facility aims to strengthen India’s advanced electronics manufacturing capabilities and support customers across domestic and global markets, particularly in sectors requiring high quality, reliability and stringent manufacturing standards.Located in the Bommasandra Industrial Area, the 20,000 sq. ft. facility is equipped with advanced Surface Mount Technology (SMT), Through-Hole Technology (THT) ..

Next Story
Real Estate

UrbanVault Expands Chennai Workspace Portfolio with 100,000 Sq. Ft.

UrbanVault has expanded into Chennai with approximately 100,000 sq. ft. of managed workspace across three properties, strengthening its presence in India’s flexible workspace market.The company’s Chennai portfolio includes Olympia Teknos and UV IPL in Guindy, and Ceebros Chambers on Velachery Main Road. The expansion marks UrbanVault’s entry into its seventh city, taking its national footprint to more than 3 million sq. ft. across 80+ centres.UrbanVault expects its annual revenue to cross Rs 350 crore in FY27, supported by expansion across major business hubs and rising demand for manage..

Next Story
Real Estate

LML Realty Launches Digital Platform for Custom Factories

LML Realty has launched ‘Your Factory’, a digital platform that enables businesses to configure, customise and order built-to-suit factories online. The platform combines plot selection, factory specifications, pricing and development into a single digital interface.Businesses can select plot sizes ranging from 500 sq. yd. to 10 acres and customise requirements such as factory size, height, structure, crane provisions and power needs. The platform provides instant quotations, allowing users to view configurations and pricing while designing their facilities.Pricing for the built-to-suit fa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code