Board of Directors of GMR Airports Infrastructre Limited on March 14 approved issuance of 330,817 Foreign Currency Convertible Bonds to Aeroports De Paris S.A, of EUR 1,000 each aggregating to Rs 2,900 crores, the company announced through an exchange filing. The said FCCBs will bear an interest rate of 6.76 per cent with a tenure of 10 years and shall be unlisted.
The conversion of these FCCBs will be for Rs 43.67 per equity share and the cost also includes premium which is determined in accordance with FCCB Regulations and the SEBI ICDR. The number of shares on conversion will be decided based on the exchange rate two days prior to the date of receipt of subscription amount.
The board also said, "The settlement of Equity Ratches and Cash Earn Out Ratchets at GAL level which will ensure additional equity allotment to GIL in GAL and cash settlement to GIL, paving way for the merger of GMR Airports Limited (GAL) with GMR Airports Infrastructure Limited (GIL)."
GMR Airports Infrastructure shares
The shares of GMR Airports Infrastructure on Friday closed at Rs 42.75, up by 2. 40 per cent.
