25
Saturday
May 2019
8:28 AM IST
News Headlines
Day after BJP''s massive victory, all eyes now on govt formation        Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls        Surat: 19 students die as fire engulfs commercial complex        Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7        Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8        Nadal, Federer set up potential semifinal at Roland Garros        India, New Zealand seek tune-up in warm-up clash        Federer, Nadal threaten Djokovic bid for historic Slam        Uncertainty over Serena fitness, Osaka form at Roland Garros        Sensex, Nifty hit record highs as early trends hint at NDA win        Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome        Chinese man guilty of defrauding Apple out of 1,500 iPhones        US aviation regulator says Boeing hasn't submitted 737 MAX fix        Indian among 18 people arrested in Nigeria for illegal bunkering        US-Japan vision for Indo-Pacific serves as foundation for global partnership: White House        Rahul elected from Wayanad LS seat        Will approach party high command against Sidhu: Amarinder Singh        Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes        People of India decided Narendra Modi as PM, I fully respect it: Rahul Gandhi        BJP set to return to power as Modi wave sweeps most of India        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
GMR to raise USD 350 million via bonds for Delhi airport
 
Hyderabad, May 7 (PTI) Delhi International Airport Ltd, a GMR group company, plans to raise USD 350 million through 10 year senior secured bonds for the airport expansion programme and Moody's has assigned a Ba2 rating for the proposed bonds.

Proceeds from the proposed bond would be used to help fund a major expansion to increase the passenger handling capacity of Indira Gandhi International Airport to up to 100 million passengers per annum, which the company expects would cost up to Rs 98 billion ( Rs 9800 crore) over a three-year development phase, Moodys said.

"Moody's Investors Service has assigned a Ba2 senior secured rating to Delhi International Airport Limited's (DIAL, Ba2 stable) proposed 10 year senior secured bond of up to USD350 million," the rating agency said.

The proposed bond's Ba2 senior secured rating reflects the airport's strong market position and robust passenger traffic, which would likely grow at a high single-digit percentage per annum over the next 18 months under Moody's base case scenario, it said.

The rating agency however, said Delhi Airport's ratings are constrained by its planned capacity expansion, which would exert downward pressure on its financial metrics, the evolving regulatory environment in India and its obligation to pay 45.99 per cent of its revenue to the Airports Authority of India as a concession fee.

After accounting for the proposed USD notes, Moody's expects that DIAL's funds from operations/debt would remain weak over the next 2-3 years, with a very limited buffer above the minimum tolerance level of 3-4 per cent Moody's said.

Moody's base case financial projections assume that aeronautical tariffs would stay at the current level during the third regulatory period between April 2019 and March 2024 and there was no material uplift to the airport's financial position arising from its arbitration proceedings with the Airports Authority of India on the calculation of the 45.99 per cent concession fee.

Despite its elevated leverage position, DIAL's liquidity position is strong, with cash holdings and short-term investments totaling Rs 2600 crore as in March 2019 and these assets provide the airport with additional financial flexibility over the next 12-18 months, the agency opined.

DIAL is the concessionaire for Indira Gandhi International Airport, under an Operations, Management and Development Agreement, entered into in 2006 with the Airports Authority of India.


Sensex, Nifty hit record highs as early trends hint at NDA win
Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome
Chinese man guilty of defrauding Apple out of 1,500 iPhones
ILFS crisis: ED conducts fresh raids in Mumbai
Tata Motors shares fall 7 pc post quarterly results
Indices off record highs; Sensex trips 383 pts on profit-booking
Uber partners with ICC for Men''s cricket World Cup 2019
Markets soar in early trade; Sensex zooms 942 points, rupee gains 79 paise
Exports grow marginally, imports up 4.5pc in Apr
Jet Airways crisis: CEO, Deputy CEO resign
Demonetisation: ED attaches over Rs 2 crore assets in Axis Bank PMLA case
China hikes tariff on US products; says will not succumb to Trump''s pressure tactics
Andhra Bank net loss down by 51.34pc in Q4
Imminent crisis in NBFC sector: Corp Affairs Secy
China : Volvo to recall over six thousand cars
Pak to continue talks with IMF on bailout over weekend
Chinese envoy says trade talks with US have not broken down
Amazon's Bezos unveils lunar lander project 'Blue Moon'
UPL announces 26.75 pc stake buy in Allfresh
SBI reports net profit of Rs 838 cr in Mar 2019 quarter; trims bad loan ratio
KERALA NEWS
Rahul elected from Wayanad LS seat
 Thiruvananthapuram: Congress president Rahul Gandhi was Thursday declared elected from the Wayanad L  
LS polls candidate attacked in Kerala
Two women abort their plan to enter Lord Ayyappa temple Sabarimala
Kerala CM meets CEOs of leading business firms in Switzerland
INTERNATIONAL NEWS
Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7
 London: An embattled Theresa May announced Friday that she would resign as the UK''s Conservative le
Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8
US aviation regulator says Boeing hasn't submitted 737 MAX fix
Indian among 18 people arrested in Nigeria for illegal bunkering
NATIONAL NEWS
Day after BJP''s massive victory, all eyes now on govt formation
 New Delhi: As the BJP swept to power with a spectacular performance for a second term, all eyes are
Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls
Will approach party high command against Sidhu: Amarinder Singh
Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes
Untitled Page
Rashtra Deepika LTD
Copyright @ 2019 , Rashtra Deepika Ltd.