Home / Business and Economy / DIAL Secures ₹3,500 Crore Refinancing Deal
DIAL Secures ₹3,500 Crore Refinancing Deal
5 Oct
Summary
- Delhi International Airport raised ₹3,500 crore via debentures.
- Funds will refinance upcoming $522.6 million dollar notes.
- Major investors include IIFCL, HDFC Bank, and ICICI Bank.
Delhi International Airport Ltd (DIAL) has secured ₹3,500 crore by issuing 15-year rupee-denominated non-convertible debentures. This substantial fundraising effort is designated for the refinancing of its $522.6 million dollar notes that are scheduled to mature in October 2026. The new debentures carry an initial coupon rate of 8.71% annually, with provisions for resets after five and ten years.
India Infrastructure Finance Company Ltd (IIFCL) led the investment, subscribing ₹1,426 crore, with significant contributions also coming from NIIF Infrastructure Finance and major banks like HDFC Bank, ICICI Bank, and IDFC First Bank. These proceeds will ensure the full redemption or refinancing of the 2026 dollar notes and cover associated costs.
Looking ahead, DIAL will still have $500 million in dollar bonds due in June 2029. Rating agency ICRA notes that DIAL faces refinancing risk due to these upcoming bullet repayments. The company operates the Indira Gandhi International Airport as a joint venture between GMR Airports Ltd and Airports Authority of India.
