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GMR Airports raises Rs 1,110 cr from JPMorgan and Morgan Stanley

2022-09-30

GMR Airports has raised Rs 1,110 crore from JPMorgan Securities and Morgan Stanley India Primary Dealer to make timely payments on bonds due on September 24. GMR Airports had an Rs 1,330-crore payment due on September 24 to DB International, Standard Chartered Bank and Aditya Birla Special Situation Fund. It raised two-year bonds at 12.13% through private placement of bonds on September 22 to repay the trio.

GMR Airports, which operates Delhi and Hyderabad airports, paid entire dues to DB International and Aditya Birla Capital, but part payment was made to Standard Chartered Bank. On September 22, it raised Rs 795 crore from JP Morgan Securities and Rs 315 crore from Morgan Stanley India Primary Dealer through private placement of bonds, the people said.

Financial covenants of the bond documents stipulate that the indebtedness of Delhi International Airport (DIAL) cannot exceed $1.94 billion and that of GMR Hyderabad International Airport (GHIAL) cannot exceed $1.75 billion until the new bonds are redeemed. It also stated that any new financial indebtedness should be aimed only for capital expenditure of DIAL and GHIAL.