GMR Airports finalises terms for largest bond issue worth ₹6,000 crore

India's GMR Airports has finalised the terms of what would be its biggest corporate debt issue as it aims to raise more than ₹6,000 crore ($685.13 million), three sources aware of the developments said on Thursday.

The country's second-largest airport operator will raise ₹1,800 crore through the sale of 18-month bonds. This issue is largely expected to be placed with mutual funds.

It will also raise around ₹4,200 crore through the sale of three-year bonds, with large foreign lenders set to absorb this supply.

The company will pay an annual coupon of 10.50 per cent on both the maturities, and the fundraising would be completed in the next few days, the sources added.

All the sources requested anonymity as the talks are still private.

GMR Airports did not respond to a Reuters email seeking comment.

The bonds of the company, which currently manages multiple airports including those in Delhi and Hyderabad, are rated A+ by Crisil.