GMR Airports Infra's subsidiary issues NCDs worth Rs 1,150 crore

14 Dec 2022 , 09:23 AM

GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and a step-down subsidiary of GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Limited (GIL)), announced on December 13, 2022, that it had successfully raised funds through the issuance of 10 years Listed, Rated, Redeemable, Secured Non-Convertible Debentures (NCDs) in the amount of Rs 1,150 crore through a private placement. NCDs will be listed on the BSE Limited.

The NCDs have been priced at an annual interest rate of 8.805%, payable quarterly for the first five years, after which the interest rate will be reset for the next five years. Eligible investors have subscribed to the issue (QIBs, registered under SEBI).

The proceeds from the NCDs will be used to partially refinance US$ 140 million in existing ECB Bonds due in 2024 and 2026, for which tendering has already been completed, as well as accrued interest and other issue expenses, said the company on Wednesday.

At around 9.27 AM, GMR Airports Infrastructure was trading at Rs43.30 down by 0.12% from its previous closing of Rs43.35 on the BSE. The scrip opened at Rs43.75 and touched an intraday high and low of Rs43.75 and Rs43.25 respectively.

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