Delhi International Airport (P) Limited (DIAL), India’s busiest airport, has raised US$522.6 million by issuing 10-year bonds in the international market at a coupon of 6.125 percent.

According to sources, the proceeds will be used to refinance the company's loans and external commercial borrowings.

GMR Group has 54% stake in the airport. In January 2006, the GMR-led Consortium was awarded the concession to operate, manage and develop the IGI Airport following an international competitive bidding process. The consortium signed the Operations, Management and Development Agreement (OMDA) on April 4, 2006 with the Airports Authority of India (AAI). The initial term of the concession period is 30 years extendable by another 30 years.

The rest of the stake in DIAL is held by AAI (26%), Fraport AG (10%) and Eraman Malaysia (10%).

DIAL handled 48 million passengers in 2015-16 of which domestic passenger volumes stood at 31 million in 2015-16. 

Sidharth Kapur, president, finance and business development, GMR Airports, said:

"The launch of the deal at initial price of 6.50 percent and final pricing at 6.125 percent reflected the strength of the book and saw investor interest coming from high quality investors in Asia, Europe and USA."

The GMR Group is the developer and operator of two major airports in India, the DIAL and Rajiv Gandhi International Airport in Hyderabad, and one more in Philippines, the Mactan Cebu International Airport.

Besides, in August, GMR won the competitive bid for development and operation of Mopa Greenfield Airport in North Goa and in October, it submitted the bid along with a partner for the Development, Operations and Management of New International Airport of Heraklion at Crete Island, Greece.