GMR Infra's subsidiary DIAL raises funds via NCD issue

Delhi International Airport (DIAL) has successfully completed the issuance of non-convertible debentures (NCDs) worth Rs 3257 crore on 30 March 2021.

The NCDs have been priced at interest rate of 10.96% per annum and have been subscribed by Cliffton (a FPI, registered under SEBI).

"The proceeds from the NCD's will be utilized to refinance the outstanding debt of around USD 289 Mn due in FY22 and to partly finance the Phase 3A Expansion," DIAL said in a statement.

DIAL is a subsidiary of GMR Airports and a step down subsidiary of GMR Infrastructure.

Commenting on the occasion, Grandhi Kiran Kumar, corporate chairman, GMR Group said: "We are delighted on the successful completion of this transaction. The offering through DIAL was subscribed by FPI. This shows the confidence of investor in our ability to raise funds from the International Market and reflects our continued effort to create value for our investors. The successful pricing of the offering underscores investors' confidence in GMR Group and credit strength of DIAL."

Shares of GMR Infrastructure added 0.21% to Rs 24.40 on BSE.

GMR Infrastructure is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure. On a consolidated basis, GMR Infra reported net loss of Rs 1,120.51 crore in Q3 December 2020, higher than net loss of Rs 280.74 crore in Q3 December 2019. Net sales slumped 31.7% to Rs 1,359.10 crore in Q3 FY21 over Q3 FY20.

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