 "GMR Airports surges 6% on heavy volumes after arm raises funds via NCDs")
Shares of GMR Airports Infrastructure surged 6 per cent to Rs 42.02 on the BSE in Wednesday's intra-day trade amid heavy volumes, after its arm GMR Hyderabad International Airport (GHIAL) successfully raised Rs 840 crore via Non-Convertible Debentures (NCDs).
The stock was quoting close to its 52-week high level of Rs 44.30, touched on December 9, 2022. At 12:42 pm, it was up 5 per cent at Rs 41.55 on back of five-fold jump in trading volumes. A combined 25.93 million equity shares had changed hands on the NSE and BSE till then.
GHIAL, a subsidiary of GMR Airports and a step-down subsidiary of GMR Airports Infrastructure (formerly known as GMR Infrastructure), announced on March 13, 2023, that it has successfully raised funds through the issuance of 10 year listed, rated, redeemable, secured non-Convertible Debentures (NCDs) amounting Rs 840 crore, on private placement basis. The NCDs will be listed on BSE.
The company said the proceeds from the NCDs will be utilized for partial refinancing of ~$100 million of the existing Foreign Currency Bonds of 2024, for which tendering has been completed, along with accrued interest and other tender offer / issue expenses.
The NCDs have been priced at an interest rate of 8.71 per cent per annum payable quarterly for an initial period of 5 years, and thereafter interest rate will be reset for next 5 years. The issue has been subscribed by eligible investors (QIBs, registered under SEBI).
GMR Airports is the largest private airport operator in Asia and 2nd largest in the world with a passenger handling capacity of over 189 million annually.
The stock was quoting close to its 52-week high level of Rs 44.30, touched on December 9, 2022. At 12:42 pm, it was up 5 per cent at Rs 41.55 on back of five-fold jump in trading volumes. A combined 25.93 million equity shares had changed hands on the NSE and BSE till then.
GHIAL, a subsidiary of GMR Airports and a step-down subsidiary of GMR Airports Infrastructure (formerly known as GMR Infrastructure), announced on March 13, 2023, that it has successfully raised funds through the issuance of 10 year listed, rated, redeemable, secured non-Convertible Debentures (NCDs) amounting Rs 840 crore, on private placement basis. The NCDs will be listed on BSE.
The company said the proceeds from the NCDs will be utilized for partial refinancing of ~$100 million of the existing Foreign Currency Bonds of 2024, for which tendering has been completed, along with accrued interest and other tender offer / issue expenses.
The NCDs have been priced at an interest rate of 8.71 per cent per annum payable quarterly for an initial period of 5 years, and thereafter interest rate will be reset for next 5 years. The issue has been subscribed by eligible investors (QIBs, registered under SEBI).
GMR Airports is the largest private airport operator in Asia and 2nd largest in the world with a passenger handling capacity of over 189 million annually.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%