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| GHIAL to raise US $300 Mn through bond issue for Hyderabad airport expansion |
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Hyderabad: GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and a step down subsidiary of GMR Infrastructure Limited (GMR Group), on Wednesday announced that it had successfully priced an offering of US$ 300 Mn bond in the international bond market.
GHIAL has entered into a Purchase Agreement to issue and allot US$ 300 Mn 4.75 per cent senior secured notes of 5 year tenure, GHIAL said in a release here.
The proceeds from the Notes will be used towards the capital expenditure with respect to the master plan (expansion) of the Rajiv Gandhi International Airport (RGIA) at Hyderabad, increasing the capacity of the Airport to 34 Mn Passengers Per Annum.
Commenting on the occasion, Mr. Grandhi Kiran Kumar, Corporate Chairman, GMR Group said, the offering through GHIAL reinforces our ability to raise funds from the International Bond Markets and reflects our continued effort to create value for our investors and raise capital for growth. The successful pricing of the offering underscores investors' confidence in GMR Group and credit strength of GHIAL".
GMR Hyderabad International Airport Limited (GHIAL) is promoted by the GMR Group (63%) in partnership with Airports Authority of India (13%), Government of Telangana (13%) and Malaysia Airports Holdings Berhad (MAHB) Group (11%).
Rajiv Gandhi International Airport (RGIA), was commissioned in 31 months and inaugurated on March 14, 2008, with an initial capacity of 12 million passengers per annum (MPPA) and 150,000 tons of cargo handling capacity per annum.
The Project has the flexibility to increase capacity and is currently being expanded to accommodate over 34 MPPA.
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