The board of private airport operator GMR Airports Infrastructure Ltd will meet on Friday to consider a proposal for raising funds as part of the approval received to raise Rs 6,000 crore in various tranches.

Share Market Live

NSE

The proposed fund raising exercise is likely to be done through an issue of equity shares to qualified institutional players or foreign currency convertible bonds (FCCB).

The company on September 27, 2022, had received its shareholders’ approval for raising of funds through issuance of eligible securities through qualified institutions placement or FCCBs.

The board had proposed that the company would raise up to Rs 6,000 crore in one or more tranches through a QIP issue, FCCBs or any other securities.

GMR Airports on Tuesday announced that its subsidiary GMR Hyderabad International Airport has also raised Rs 840 crore through the issuance of 10-year, listed, rated, redeemable, secured non-convertible debentures (NCDs).

The proceeds would be utilised for partial refinancing of $100 million of the existing foreign currency bonds (FCBs) of 2024, for which, tendering has been completed.

GMR Airports is the largest private airport operator in Asia and second largest in the world with a passenger handling capacity of over 189 million annually.

Its subsidiary GMR Airports Infra operates airports in Delhi, Hyderabad and Goa in the country.

GMR Airports Infra reported a net profit of Rs 191.4 crore in the December quarter compared to a net loss of Rs 626.3 crore on a year-on-year basis. EBITDA margin however slipped to 30 percent with a 26 percent decline in its operating profit.

GMR Airports Infra shares were trading 2.18 percent higher at Rs 40.32.

(Edited by : Rukmani Krishna)

First Published:Mar 15, 2023 10:38 AM IST