PANAJI
GMR Goa International Airport Ltd, the group company of GMR which owns and operates the new Manohar International Airport at Mopa, earlier this week moved to raise Rs 2,475 crore through 20-year non-convertible debenture (NCD) series.
According to reports in all leading economic news portals, the NCD offers investors a 10% coupon rate.
The company appointed ICICI Bank as its lead manager for the NCD issue and said the funds raised will be used to refinance the company's existing debt it raised to build the greenfield airport at Mopa.
The company's outstanding Rs ₹3,906 crore bonds, including accumulated interest as of September 30, 2023, will be partly refinanced as GMR faces bond repayments of ₹1,406 crore due in December 2023.
The company maintains a cash and cash equivalents balance of ₹435 crore as of March 31, 2023. The fresh NCDs will have a tenure of 19 years, 10 months and 11 days with maturity set for September 2043. These bonds also have a call option in December 2028 and put option in March 2029.
The airport at Mopa is being built at a total cost of Rs 2,870 crore but only the first phase with the capacity to cater to 4.4 million passengers a year is completed and commissioned.
GMR Goa International Airport Limited (GGIAL) is the owner of the airport (DBFOT) basis under the concession deal between GGIAL and Goa government for 40 years. Three more phases of the airport are expected to increase its capacity to 33 million passengers annually.
