Gautam Adani-owned Mumbai International Airport (MIAL) has raised around Rs 7,200 crore via non-convertible debentures (NCDs) and loans from foreign lenders to refinance its debt.
The capital-raise happened last month and around Rs 6,500 crore of loans owed to domestic lenders were repaid. CRISIL has withdrawn the rating for MIAL’s debt on receipt of a no-due certificate from banks, it said earlier this week.
Last month, the Adanis completed the acquisition of MIAL from GVK Group. In the same month, the airport company’s board approved proposals to issue and allot redeemable NCDs worth around Rs 4,000 crore to banks and financial institutions, including Barclays Bank, Deutsche Bank, JP Morgan, and Standard Chartered Bank. The rest was raised through loan, said a source in the know.
