Shares of GMR Infrastructure surged as much as 8.5 per cent as GMR Hyderabad International Airport, a step-down subsidiary of GMR Infrastructure, has successfully raised $350 million (about ₹2,276 crore) in the international bond market.
Following a flat opening at Rs 16, the stock touched an intraday high of Rs 17.40 and a low of Rs 15.85 on the BSE.
The company shares ended higher by 7.81 per cent at Rs 17.25 on the BSE. On the NSE, the shares zoomed 8.15 per cent to Rs 17.25. In terms of equity volume, 26.04 lakh shares were traded on the BSE.
A subsidiary of GMR Airports Ltd and GMR Infrastructure Ltd (GMR Group), GHIAL has entered into a
Proceeds from the issue will be used to entirely refinance the current outstanding Rupee Term Bank Loan, Bank External Commercial Borrowing (ECB) and towards partial funding of proposed capital expenditure.
This is the third consecutive US Dollar bond offer by GMR Group. It saw price tightening of 37.5 bps from the initial guidance to final pricing.
Bank of America Merrill Lynch and HSBC acted as joint global coordinators while Citigroup and JP Morgan served as joint bookrunners for the issue, with YES Bank as joint lead manager and Elara Capital as co-manager.