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GMR Airports gets breather

GMR Airports gets breather

Bangalore-based GMR Group, which has been battling a high debt of around Rs 15,300 crore (its airport business itself has a debt of around Rs 9,200 crore), is all set to raise approximately Rs 645 crore from three private equity (PE) firms. A consortium of three PE firms that include Standard Charted Bank’s private equity arm, Jacob Ballas & Old Lane will be investing in the company.

This is the second round of private equity fund raising by GMR for its airport arm, GMR Airports Holding. Last month, it had raised approximately Rs 860 crore, from SBI Macquarie Infrastructure Fund. The company is awaiting government approval for the deal.

The investments would be in the form of a compulsorily convertible structured product that will be convertible when the unit goes public.

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