Board of Directors nod to augment GMR Airports infrastructure 2,900 crore through issuance of Foreign Currency Convertible Bonds (FCCBs). The bonds will be issued to Paris-based airport operator Aeroports De Paris SA. FCCBs will have an interest rate of 6.76% and will be unlisted.
In its regulatory filing dated March 17, GMR Airports said the board of directors approved the issuance of 330,817 foreign currency convertible bond to Aeroports De Paris SA (“FCCBs”/Bonds), of EUR 1,000 each, equivalent to approximately EUR 330.82 million 2,900 crores.
Further, it said, “FCCBs will carry an interest rate of 6.76% and will be unlisted.”
The tenure of these FCCBs will be 10 years and 1 day.
GMR Airport Announced the conversion price of FCCBs 43.67 per equity share, including premium, as determined as per FCCB Regulations and SEBI ICDR.
Further, the company said, the number of equity shares on conversion shall be determined on the basis of the exchange rate prevailing on the date falling two working days prior to the date of receipt of subscription amount.
In addition, GMR Airports also received the approval of the Board of Directors for settlement of Equity Reach and Cash Earn-Out Reach at GAL level, which will ensure additional equity allocation 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 directed a detailed settlement plan to be placed before it for its consideration and approval.
GMR Airports share price on Friday 42.68 on the BSE, up 2.3%. Its market cap is over 25,761 crores.
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