DIAL completes NCDs of Rs 3,275 cr

Delhi International Airport Ltd (DIAL) said on Thursday it recently completed the issuance of non-convertible debentures (NCDs) for Rs 3,257 crore.

The NCDs have been priced at interest rate of 10.96 per cent per annum and have been subscribed by Cliffton Ltd, a foreign portfolio investor registered under the Securities and Exchange Board of India (SEBI).

The proceeds from NCDs will be utilised to refinance the outstanding debt of 289 million dollars (about Rs 2,100 crore) due in FY22 and to partly finance the phase 3A expansion.

"This shows the confidence of investor in our ability to raise funds from international market and reflects our continued effort to create value for our investors," said Grandhi Kiran Kumar, Corporate Chairman of GMR Group.

"The successful pricing of offering underscores investors' confidence in GMR Group and credit strength of DIAL," he said in a statement.

DIAL is a joint venture company comprising the GMR Group, Airports Authority of India and Fraport AG.

The project being developed by DIAL under public private partnership has been given the mandate to finance, design, build, operate and maintain the Delhi airport for 30 years with an option to extend it by another 30 years.

( With inputs from ANI )