Delhi International Airport raises Rs.3,500-Cr via NCDs to refinance dollar bonds

Delhi International Airport has raised INR 3500-Cr through 15-year rupee-denominated non-convertible debentures (NCDs). The transaction was facilitated by HDFC Bank and ICICI Bank.The company is a joint venture between GMR Airports and the Airports Authority of India, with shareholdings of 74% and 26%, respectively. It operates the Indira Gandhi International Airport under a 30-year concession agreement, which includes a provision for a 30-year extension.The funds will be used for the redemption, repurchase, or refinancing of USD 522.6-M in dollar notes due in October 2026, as well as to cover issue-related costs. Following this refinancing, the company will have USD 500-M in dollar bonds maturing in June 2029.