Board of GMR Airports Infrastructure approves issuance of FCCBs

At meeting held on 17 March 2023

The Board of GMR Airports Infrastructure at its meeting held on 17 March 2023 has approved the following:

(i) Issuance of 330,817 Foreign Currency Convertible Bonds (FCCBs) to Aeroports De Paris S.A, of EUR 1,000 each aggregating to EUR 330,817,000 equivalent to Rs 2,900 crore;

(ii) The settlement of Equity Ratches and Cash Earn Out Ratchets at GAL level which will ensure additional equity allotment to GIL in GAL and cash settlement to GIL, paving way for the merger of GMR Airports (GAL) with GMR Airports Infrastructure (GIL);

(iii) gave direction to place a detailed Scheme of Arrangement before it for its consideration and approval.

The said FCCBs shall bear interest rate of 6.76% and shall be unlisted. The tenure of FCCBs is 10 years and 1 day. The conversion price of FCCB shall be Rs 43.67 per equity share, including premium, determined in accordance with the FCCB Regulations and the SEBI ICDR.

Powered by Capital Market - Live News