GMR Airports raises ₹400 crore via non-convertible bonds

GMR Airports Ltd has successfully raised ₹400 crore through non-convertible bonds (NCBs) to support its infrastructure expansion. The privately placed bonds, carrying a 5% coupon rate, have a tenure of 36 months and will be listed on the BSE.

"The Management Committee of the Board of Directors, in its meeting held on April 3, 2025, upon receipt of the subscription amount of ₹400 crore, allotted 40,000 listed, unsecured, rated, and redeemable NCBs with a face value of ₹1 lakh each. The coupon will be payable annually until redemption, and the bonds will be redeemed at maturity with a redemption premium as per the terms of issuance," the company stated in an exchange filing.

This follows GMR Airports’ ₹1,100 crore fundraising via similar NCBs in February, reinforcing its ability to tap capital markets. The company, which operates major airports in India, the Philippines, and Indonesia, reported a 19.16% YoY increase in net sales to ₹2,653.24 crore in December 2024.

Net profit stood at ₹202.1 crore for Q3, while EBITDA surged 48.3% to ₹991.7 crore.

Brokerage firm Citi recently initiated coverage on GMR Airports, projecting a 14.1% upside from its previous closing price of ₹78.84 per share. The firm assigned a "buy" rating with a price target of ₹90, citing strong fundamentals and an expected 8% CAGR in India’s passenger volume growth from FY24 to FY27.

Among analysts covering GMR Airports, three recommend a "buy" while one has a "hold" rating.