GMR Airports Infra To Raise <span Class='webrupee'>₹</span>2,900 Cr Via Foreign Currency Convertible Bonds

In its regulatory filing, on March 17, GMR Airports said the board of directors approved the issuance of 330,817 Foreign Currency Convertible Bonds (“FCCBs"/ Bonds) to Aeroports De Paris S.A, of EUR 1,000 each aggregating to nearly 330.82 million euros equivalent to ₹2,900 crore.

Further, it said, "FCCBs shall bear interest rate of 6.76% and shall be unlisted."

These FCCBs will have a tenure of 10 years and 1 day.

GMR Airports announced the conversion price of FCCB at ₹43.67 per equity share, including premium, determined in accordance with the FCCB Regulations and the SEBI ICDR.

Further, the company said, the number of equity shares upon conversion will be determined based on the exchange rate prevailing on the date falling 2 business days prior to the date of receipt of the subscription amount.

Apart from this, GMR Airports also received the board of directors' approval for the settlement of equity ratches and cash earn-out ratches at the GAL level which will ensure additional equity allotment to GIL in GMR Airports Limited (GAL) and cash settlement to GIL. This will pave the way for the merger of GAL with GMR Airports Infrastructure.

Also, the board gave direction to place a detailed Scheme of Arrangement before it for its consideration and approval.

On Friday, GMR Airports' share price closed at ₹42.68 apiece up by 2.3% on BSE. Its market cap is over ₹25,761 crore.