GMR Group has secured an investment of Rs 6,300 crore from Abu Dhabi's sovereign wealth fund, ADIA. The funds will be used to reduce the debt of GMR Enterprises Pvt Ltd, a promoter group entity.
In October of the previous year, the group had announced the acquisition of Rs 6,300 crore in debt funding from the Abu Dhabi Investment Authority.
On Jan. 7, GMR Infra Enterprises Pvt Ltd. received the funds through the allotment of option convertible debentures, as per a regulatory filing. The company is a fully owned subsidiary of GMR Enterprises Pvt Ltd., a promoter group entity controlled by G M Rao, who also leads GMR Airports Ltd.
"This investment shall facilitate the company (GMR Enterprises Private Ltd, Promoter HoldCo) to pay down its debt, which was taken against a pledge of shares and shall result in substantially reducing its share pledges and refinancing risk. This transaction establishes a capital partnership between GMR Promoters and ADIA," the filing, submitted to BSE late on Tuesday, said.
GMR Group operates three airports in India—Delhi, Hyderabad, and Goa—and two airports in the Philippines and Indonesia.
In December 2024, GMR Airports Infrastructure Ltd. announced that it will rename itself GMR Airports Ltd. effective from Dec. 11. The company will also update its symbol from GMRInfra to GMRAirport.
Additionally, GMR Infra Enterprises Pvt. will acquire 125 crore shares of GMR Airports as part of an "internal restructuring," according to a separate filing by the GMR Group.
Upon completion of the investment, GMR Group will use the proceeds to "refinance all external debt" of GMR Enterprise Pvt., which is the promoter of GMR Airports.
(With PTI Inputs.)
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