GMR Airports to raise ₹6,000cr via NCDs
GMR Airports is securing ₹6,000 crore by issuing non-convertible debentures (NCDs). The goal? Swap out expensive old loans for cheaper ones and make their finances leaner.
This fresh round of funding is split between major banks and mutual funds, with the deal expected to wrap up soon.
Banks and mutual funds join the funding effort
Banks like Barclays, Deutsche Bank, and JP Morgan are pitching in ₹4,200 crore through three-year NCDs at about 10.50%, while mutual funds including ICICI Prudential AMC and HDFC AMC are adding another ₹1,800 crore via 18-month NCDs at roughly 10.35%.
Crisil has rated these bonds A+. With this move, GMR hopes to lower its average borrowing cost by around 3%.
Major focus on refinancing existing loans
GMR Airports runs big hubs like Delhi and Hyderabad airports.
The company has some hefty debts—₹6,100 crore in NCDs due in late 2026 and early 2028—and a total net debt of nearly ₹31,500 crore as of March this year.
Most of the new funds will go toward refinancing existing loans for both GMR Airports Limited and Delhi International Airport Limited.