The transaction is split in two tranches and likely to be priced at up to 10.50%, with a tenor of up to 3 years. The bank tranche of ₹4,200 crore is being raised from lenders including Barclays, Deutsche Bank and JP Morgan.
The remaining ₹1,800 crore is being raised from mutual funds, including ICICI Prudential AMC, HDFC AMC, UTI AMC and SBI Mutual Fund. The mutual fund tranche has a tenor of 18 months and is likely to be priced around 10.35%, whereas the bank-funded portion is likely to have a tenor of 3 years and priced at around 10.50%. Crisil has assigned A+ rating to the NCDs. Spokespersons of GMR Airports, JP Morgan, DB and Barclays, ICICI Prudential MF and HDFC AMC did not respond to requests for comment.
This round of fundraising will lower the average borrowing cost by nearly 300 basis points as the company is looking to refinance debt of GAL and DIAL (Delhi International Airport).
The company has ₹6,100 crore in non-convertible bonds, with ₹5,000 crore due for bullet repayment in November 2026, and ₹1,100 crore in February 2028, according to Care Ratings’ recent report. GMR Airports is co-promoted by Groupe ADP.
It owns and operates major Indian airports including Delhi and Hyderabad (GHIAL).