Mumbai: Gautam Adani-owned Mumbai International Airport (MIAL) has raised around Rs 7,200 crore via non-convertible debentures (NCDs) and loans from foreign lenders to refinance its debt.
The capital-raise happened last month and around Rs 6,500 crore of loans owed to domestic lenders were repaid. CRISIL has withdrawn the rating for MIAL’s debt on receipt of a no-due certificate from banks, it said earlier this week.
Last month, the Adanis completed the acquisition of MIAL from GVK Group. In the same month, the airport company’s board approved proposals to issue and allot redeemable NCDs worth around Rs 4,000 crore to banks and financial institutions, including Barclays Bank, Deutsche Bank, JP Morgan, and Standard Chartered Bank. The rest was raised through loan, said a source in the know.
The debentures carry a coupon rate of 10.75-12 per cent, have a tenor of 12-25 months, and are secured by pledge of Adani Group’s 74-per cent stake in MIAL and charge over various assets.
While JP Morgan Securities invested Rs 1,500 crore, Barclays Bank, Standard Chartered, and Deutsche Bank invested Rs 1,127 crore, Rs 900 crore, and Rs 500 crore, respectively, in debentures.
Along with payment of overdue loans, Adani Group has also infused around Rs 700 crore in MIAL for capital expenditure and finance purposes.
“The group’s investment plans for airports foresees a recovery in the sector to pre-Covid-19 levels by 2023-24. The group is also working on a long-term finance plan for Mumbai airport and expects to be put in place by November,” added the source.
26/08/21 Aneesh Phadnis/Business Standard
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