GMR Airports to raise upto Rs 50 bn through debentures to retire old debt
GMR Airports is planning to raise Rs 5,000 crore through debentures primarily to refinance old debt. The company is also in discussions to secure financing for the development of an airport in Bhogapuram (a village in Vizianagaram district), with an estimated cost of Rs 4,700-4,800 crore.
The proceeds from non-convertible bonds (NCBs) will mainly be used for refinancing the existing outstanding bonds totalling Rs 3,906 crore, including accumulated interest as of September 30, 2023.
The total NCBs will not exceed the principal amount of Rs 5,000 crore. Any additional funds raised will also be utilised for investments and/or additional stake purchases in subsidiaries.
