GMR Group raises $300 million for Hyderabad airport expansion.

Hyderabad’s Rajiv Gandhi International Airport (RGIA) will soon be expanded to handle 3.4 crore passengers annually, up 36% from its current capacity of 2.5 crore. GMR Hyderabad International Airport Limited (GHIAL) recently said it has successfully priced an offering of $300 million bond in the international bond market.

The funds raised from this bond issue will be used for RGIA expansion. A subsidiary of GMR Airports Limited, GHIAL has entered into a purchase agreement to issue and allot $300 million 4.75% senior secured notes of five-year tenure.

GMR Group corporate chairman Grandhi Kiran Kumar said: “We are delighted on the successful pricing of this transaction. The offering through GHIAL reinforces our ability to raise funds from 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.”

TOI