GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR airports, India has raised funds through the issuance of 10-year listed, rated, redeemable, secured non-convertible debentures (NCDs) amounting to INR 11.5 bn on a private placement basis. The company will use these funds for part repayment of offshore bonds maturing in the coming years, the company said in an exchange filing. The NCDs have been priced at an interest rate of 8.805% per annum payable quarterly for an initial period of five years and thereafter the interest rate will be reset for the next five years. Commenting on the deal,

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