GMR Group-run Delhi International Airport Ltd on June 27 said it had successfully completed the issuance of five-year non-convertible debentures (NCDs) amounting to Rs 1,000 crore and the same listed on the BSE on June 23, 2022.

"Delhi International Airport Ltd (DIAL), a subsidiary of GMR Airports Ltd and a step-down subsidiary of GMR Infrastructure Ltd (GIL), announced that it had successfully completed the issuance of 5 years Non-Convertible Debentures (NCDs) amounting Rs 10 billion," GMR said in an exchange filing.

The NCDs have been priced at an interest rate of 9.52 percent per annum payable monthly for an initial period of 36 months and thereafter 9.98 percent per annum payable monthly and have been subscribed by eligible investors.

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The proceeds from the notes will be utilised to partly finance the Phase 3A expansion programme.

Commenting on the occasion, Grandhi Kiran Kumar, Corporate chairman of GMR Group, said, "We are delighted on the successful completion of this transaction. This is DIAL’s first listed transaction in the domestic debt market and the response from the investors was overwhelming."

"The offering through DIAL was subscribed by eligible investors i.e. QIBs. This shows the confidence of investors in our ability to raise funds from the domestic 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," he added.

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GMR is the largest private airport operator in Asia and the second largest in the world, with a passenger handling capacity of over 189 million annually. GMR’s subsidiary GMR Airports has Groupe ADP as a strategic partner, holding a 49 percent stake. It operates the iconic Delhi airport, which is the largest and fastest-growing airport in India.

It also runs the Hyderabad airport, a pioneering greenfield airport known for several technological innovations. The company is also operating the architecturally-renowned Mactan Cebu International Airport in Cebu, Philippines, in partnership with Megawide.

Shares of GMR Infrastructure ended at Rs 34.95, up by Rs 0.20, or 0.58 percent on the BSE.

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(Edited by : Shoma Bhattacharjee)