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GMR Airports Infrastructure Limited. on Wednesday announced that its step-down subsidiary GMR Hyderabad International Airport Ltd. (GHIAL) has raised Rs 1,150 crore through an issue of non-convertible debentures (NCDs) on a private placement basis.

GHIAL, which operates the Hyderabad airport, issued the 10-year listed, rated, redeemable, secured nonconvertible debentures amounting to Rs 1,150 crore on December 13, according to an exchange filing.

The NCDs will be listed on BSE Limited.

The NCDs have been priced at an interest rate of 8.805 percent per annum payable quarterly for an initial period of five years and thereafter interest rate will be reset for the next five years. The issue has been subscribed by eligible investors such as qualified institutional buyers (QIBs).

The Hyderabad airport operator looks to utilise the proceeds from the NCDs partial refinancing of $140 million of the existing ECB Bonds of 2024 and 2026, for which tendering has been completed, along with accrued interest and other issue expenses.

According to the GMR group, the company received an overwhelming response from the issue, which is GHIAL’s first listed transaction in the domestic debt market.

GHIAL is a joint venture company in which GMR Airports holds 63 percent stake while Airports Authority of India and Telangana government hold 13 percent each and Malaysia Airport Holdings Berhad holds 11 percent stake.

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

Shares of GMR Airports are trading 0.3 percent lower at Rs 43.25.