GMR Airports (GAL) is raising up to Rs 3,000 crore through non-convertible debentures (NCDs) to meet repayment obligations due later this month and in January.
Half of this amount (Rs 1,500 crore) will be raised through one-year debentures and the balance through NCDs having 36-month maturity.
The company has principal repayment obligation of Rs 2,976 crore in FY21. Along with the fundraise, the firm will use the Rs 1,000 crore of equity infused into it after the completion of a deal with France’s Groupe ADP for the airport business.
In February this year, GMR Group had signed an agreement with ADP to sell a 49 per cent stake in its airport-holding company GAL. GMR group holds 51 per cent stake with management control in GAL.
