Delhi International Airport Raises ₹3,500 Crore to Refinance Dollar Bonds
· Business · Economic Times
Delhi International Airport Ltd (DIAL) has raised ₹3,500 crore through 15-year rupee-denominated non-convertible debentures to refinance $522.6 million in dollar-denominated notes due in October 2026. The new debt carries an initial coupon rate of 8.71% linked to the RBI repo rate, with resets scheduled at five and 10 years. India Infrastructure Finance Company Ltd emerged as the largest investor, contributing ₹1,426 crore, followed by NIIF Infrastructure Finance and several major banks including HDFC Bank and ICICI Bank. DIAL, a joint venture between GMR Airports Ltd and the Airports Authority of India, holds a 30-year concession to operate the Indira Gandhi International Airport. The company faces further debt maturities in 2029, which rating agency ICRA suggests may be managed through internal cash accruals and land monetisation.
Why it matters
The successful refinancing reduces DIAL's immediate exposure to currency volatility and foreign debt obligations, securing the financial stability of one of India's busiest aviation hubs.
Read the original report — Economic Times
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