NEW DELHI, Jan 8: GMR Group has secured an investment of Rs 6,300 crore from the Abu Dhabi Investment Authority (ADIA), which will aid in alleviating the debt of its promoter group entity, GMR Enterprises Pvt Ltd (GEPL).
In October of last year, the group announced obtaining Rs 6,300 crore in debt funding from ADIA.
On January 7, GMR Infra Enterprises Pvt Ltd (GIEPL) received the funds through the issuance of Optionally Convertible Debentures (OCDs), as disclosed in a regulatory filing.
GIEPL is a wholly-owned subsidiary of GEPL, the promoter group entity led by G M Rao, who is also the promoter of GMR Airports Ltd (GAL).
According to the filing submitted to the BSE on Tuesday, “This investment will enable GMR Enterprises Private Ltd (Promoter HoldCo) to reduce its debt, which was secured against pledged shares, significantly lowering its share pledges and refinancing risks. This transaction establishes a capital partnership between GMR Promoters and ADIA.”
GMR Group manages three airports in India (Delhi, Hyderabad, and Goa) as well as two airports in the Philippines and Indonesia. (PTI)
