GMR Infrastructure Limited, the operator of Delhi International Airport Limited (DIAL), will consider raising funds up to Rs 6,000 crore via issuance of securities, the company said in a regulatory filing on August 10.
The Board of Directors of GMR Infrastructure is scheduled to meet on August 13 to consider the fund raise through issue of securities, the company stated.
The Board members would "consider raising of funds of up to Rs 6,000 crore in one or more tranche(s) through issue of securities including a Qualified Institutions Placement and/or Foreign Currency Convertible Bonds and/or any other securities as an enabling resolution as per the requirements of applicable laws," the BSE filing noted.
The fund infusion by GMR Infrastructure comes at a time when Indian airports are losing out on revenue due to the outbreak of COVID-19. India’s airport operators have missed out on revenue worth Rs 7,000 crore in FY21, aviation consultancy CAPA (Center for Asia Pacific Aviation) India had said in a report.
Earnings data for 136 airports in India showed that they collectively posted a bottomline net loss of Rs 2,882.74 crore in FY21, widening from a net loss of Rs 80.18 crore in FY20 and a loss of Rs 465.91 crore in FY19 and reflecting the impact of the pandemic. New Delhi’s Indira Gandhi International Airport posted a net loss of Rs 317.41 crore in FY21.
The Mumbai and Delhi airports were the hardest hit by the pandemic since they were the busiest in terms of international traffic, which is yet to resume on a regular basis.
CAPA also expects Indian airports to miss out on revenue worth around $ 1 billion in FY22 as well due to the prolonged pandemic.
10/08/21 Moneycontrol
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