GMR Airports Infra Board Approves Allotment Of FCCBs Worth Rs 2,900 Cr To ADP

GMR Airports Infrastructure Limited (GIL) Board of Directors on Friday has approved the allotment of 330,817 Foreign Currency Convertible Bonds (FCCBs) to Aeroports De Paris S.A. (ADP) of EUR 1,000 each aggregating to EUR 330.81 million (Rs 2,900 Cr).

Last week, GIL in its regulatory filing in BSE said that the concerned FCCBs will bear interest rate of 6.76 per cent and will be unlisted.

The tenure of FCCBs is 10 years and 1 day. Moreover, GIL said that the conversion price of FCCB shall be Rs 43.67 per equity share, including premium, determined in accordance with the FCCB Regulations and the SEBI ICDR.

The number of equity shares upon conversion will be determined based on exchange rate prevailing on the date falling two business days prior to the date of receipt of subscription amount.