GMR Airports raises ₹1,100 cr via NCDs from Deutsche Bank

GMR Airports has raised ₹1,100 crore from Deutsche Bank through a private placement of non-convertible bonds. The bonds, carrying a 10.75% yield, will mature on February 25, 2028.

The company will use the proceeds to fund its acquisition of Fraport's stake in Delhi International Airport (DIAL). GMR Airports said in September last year that it was buying the German airport operator's 10% stake in DIAL for $126 million.

The transaction comes at a time when GMR Airports is transitioning from mainly a holding company to an operating entity, following the transfer of Delhi Duty Free operations to the company from August 2025.


Currently rated BBB+ with a stable outlook, the bonds have staggered coupon payments, with the first due on March 31, 2025.

"It is a strategic transaction for GMR Airports for consolidating their shareholding in the Delhi airport. For Deutsche Bank, this underscores our commitment to invest in the infrastructure growth story of India," said Apoorv Madhup, head of India financing at Deutsche Bank.

GMR has been actively restructuring its debt to cut borrowing costs. In June, DIAL refinanced $450 million of high-cost foreign debt into domestic bonds. Its consolidated net debt, excluding foreign currency convertible notes, stands at ₹29,700 crore, driven by borrowings for the Bhogapuram Airport project, forex impacts on dollar bonds and the Delhi airport's capital expenditures.

The group recently raised ₹6,300 crore from Abu Dhabi's sovereign wealth fund ADIA, which will help pare debt at its promoter entity, GMR Enterprises .