By Khushi Malhotra and Dharamraj Dhutia
MUMBAI (Reuters) -Two companies belonging to India’s GMR Group are set to tap the corporate bond market in the coming days to raise an aggregate of 25 billion rupees ($291.27 million), three sources aware of the matter said.
GMR Airports Holdings Co, the holding company of the GMR Group’s airport-related businesses is scouting the market to raise around 15 billion rupees through three-year bonds, the sources said.
Large mutual funds will heavily participate in this issue, one of the sources added.
“The yield could be in the high single digits or even a low double digit, which makes it an attractive proposition for debt funds,” the source added.
Delhi International Airport (DIAL), a joint venture between GMR Airports and the Airport Authority of India, is also likely to raise 10 billion rupees through the sale of 15-year bonds.
Both GMR Airports Holdings and DIAL did not immediately respond to Reuters emails seeking comments.
“DIAL has already started talks with a private bank and a foreign bank to place the bond issue, and this should be done before the GMR issue,” the second source said.
DIAL had last tapped the bond market in July 2024, when it raised 25.13 billion rupees through sale of 10-year bonds at 9.50% coupon payable quarterly.
($1 = 85.8300 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Janane Venkatraman)
