New Delhi, March 30 (IANS) GMR Airports' international partner, Groupe ADP of France, has successfully raised 2.5 billion euros in bonds in two-parts.
Accordingly, the two-part bonds having different maturity have been priced at an effective interest rate of 2.125 per cent and 2.75 per cent, respectively. The bonds were oversubscribed by more than five times.
In February 2020, GMR Group had signed a Share Purchase Agreement with Groupe ADP to divest 49 per cent stake in GMR Airports Limited (GAL) for an equity consideration of Rs 10,780 crore. The deal valued GAL at Rs. 22,000 crore.
Till now the GMR Group has received the first tranche of Rs. 5,248 crore, which was utilised to deleverage the group and improve cash flow and profitability.
Groupe ADP had also pegged earn-outs up to Rs. 4,475 crore linked to achievement of certain agreed operating performance metrics as well as on receipt of certain regulatory clarifications over next 5 years.