FCC

Delhi international airport plans to refinance debt

2023-08-01

In order to refinance its existing debt, Delhi International Airport Limited (DIAL) intends to raise up to Rs 750 crore in new capital through long-maturity debentures with reduced interest rates.

The proposal comes shortly after global rating agency Standard & Poor's (S&P) raised DIAL's long-term issuer rating from "B" to "B+" as a result of the company's increased profitability and traffic.

In conjunction with the Airports Authority of India (AAI) (26%), Fraport AG Frankfurt Airport Services Worldwide (10%), and the GMR parent through its parent company, GMR Airports Limited (64%), DIAL is a joint venture.

The proposed non-convertible debentures (NCDs) of the corporation have received a "A+" rating from India Ratings (Ind-Ra). It has also given an optimistic view to the current ratings.