Two India-based GMR Group units eye aggregate $500 million debt, bankers say

MUMBAI: Two of India’s GMR Group’s units are planning to raise a combined 50 billion rupees ($522.47 million) through rupee bonds over the next two to three months, two merchant bankers with direct knowledge of the plans said on Wednesday.

GMR Airports, the group’s listed airport operator, plans to raise 15 billion rupees through three-year bonds in its first debt sale in more than a year, the bankers said, declining to be named because they are not authorised to speak to media.

In August 2025, the company raised 15 billion rupees through an 18-month bond at a yield of 10.35% and 44 billion rupees through three-year papers at a yield of 10.50%.

Delhi International Airport (DIAL), in which GMR Airports holds 74% stake, is also planning to raise around 35 billion rupees through longer-duration 15-year papers, which will likely have a call option at the end of fifth year, the bankers added.

DIAL and GMR Airports did not reply to Reuters email seeking comments.

“DIAL is raising rupee funds to repay its expensive dollar bonds that are due to mature in October,” one of the bankers quoted above said.

Dollar bonds worth around $523 million carrying a coupon of 6.1250%, issued by DIAL in 2016 are due to mature on October 31.

These bonds would be issued in a separately transferable redeemable principal part (STRPP) form, and would be the first issuance by the company in over a year.

In September 2025, it had raised 10 billion rupees through bonds maturing in 15 years, with a staggered redemption from the end of sixth year to maturity at a coupon of 8.75%, payable on a quarterly basis.

The companies may look to complete the fundraising before end of October, the bankers added.