DIAL completes NCDs of Rs 3,275 cr ANI | Updated: Apr 01, 2021 10:53 IST
New Delhi [India], April 1 (ANI): Delhi International Airport Ltd (DIAL) said on Thursday it recently completed the issuance of non-convertible debentures (NCDs) for Rs 3,257 crore.
The NCDs have been priced at interest rate of 10.96 per cent per annum and have been subscribed by Cliffton Ltd, a foreign portfolio investor registered under the Securities and Exchange Board of India (SEBI).
The proceeds from NCDs will be utilised to refinance the outstanding debt of 289 million dollars (about Rs 2,100 crore) due in FY22 and to partly finance the phase 3A expansion. This shows the confidence of investor in our ability to raise funds from international market and reflects our continued effort to create value for our investors, said Grandhi Kiran Kumar, Corporate Chairman of GMR Group.
Government to sell remaining stake in Delhi, Mumbai, Bangalore, Hyderabad airports
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Synopsis
The aviation ministry has an asset monetisation target of Rs 20,000 crore for the 2022 fiscal. While privatisation of airports will contribute to that target, this move could become the largest contributor to the target,” said an official.
The AAI, which works under the Ministry of Civil Aviation, owns and manages more than 100 airports across the country.
New Delhi: The aviation ministry is preparing to sell its stakes in companies that operate airports in Delhi, Mumbai, Bengaluru and Hyderabad, a move that will help achieve the government’s target of raising ₹20,000 crore from monetisation of assets in FY22.
Delhi airport operator DIAL on Tuesday said it will expand the passenger handling capacity of two operational terminals, recommission operations at terminal two and build a new runway by 2021.
Moody s assigns Ba3 to Cliffton s USD notes ANI | Updated: Mar 08, 2021 14:20 IST
The outlook on the rating is negative, it said on Monday.
Cliffton, a newly-formed special purpose vehicle for proposed transactions will use the proceeds to subscribe to Indian rupee senior secured non-convertible debentures (NCDs) to be issued by Delhi International Airport Ltd (DIAL).
DIAL in turn will use the proceeds of NCDs to fund its planned capital spending (up to USD165 million) and to refinance its USD288 million bond maturing in February 2022. DIAL will not have any ownership interest in or control over Cliffton.
Cliffton s USD noteholders will benefit from a first-ranking charge over its accounts and swap arrangements as well as a pledge over all of Cliffton s shares, but not the INR NCD issued by DIAL which will be held by an onshore custodian.
Highlights
DIAL rolled out its modified online facility for international arriving passengers, following new government norms in view of the emergence of COVID-19 variants.
The revamped Air Suvidha portal includes a new RT-PCR testing package and provision for declaring domestic connection.
The Centre has announced new guidelines for India-bound international passengers effective from Monday midnight, due to the emergence of new variants of the coronavirus, which have shown increased transmissibility.
Under the new norms, submission of a self-declaration form (SDF) online for all arriving international passengers prior to their scheduled travel and uploading a negative COVID-19 RT-PCR report have been made mandatory. This test should have been conducted within 72 hours prior to undertaking the journey, as per the norms.