Mumbai: GMR Hyderabad International Airport, a subsidiary of GMR Infrastructure, is planning to raise between $350 million and $400 million by selling bonds to overseas investors as it seeks to raise funds for expansion of its passenger capacity handling by tapping a relatively benign interest rate environment abroad, three people familiar with the company’s plans said.
Six banks, led by HSBC, JP Morgan and Bank of America-Merrill Lynch, and including Citibank, Axis Bank and Yes Bank, have begun canvassing investors starting from Hong Kong on Wednesday. This will be followed by meetings in Singapore, London and New York next week. The issue will be a 144A bond and will be open to investors in the US giving it a wider investor base.
