The amount has been granted towards the subscription of 63,124 Compulsory Convertible Debentures (CCDs) worth Rs 1,00,000 each of GMR Goa International.
GMR Airports Infrastructure Ltd announced on Wednesday that the National Investment and Infrastructure Fund (NIIF) has invested Rs 631.24 crore to a subsidiary of GMR Airports. The step-down subsidiary of GMR Airports, GMR Goa International Airport Ltd (GGIAL) has received an amount of Rs 631.24 crore from NIIF, the company said on April 26, 2023.
The amount has been granted towards the subscription of 63,124 Compulsory Convertible Debentures (CCDs) worth Rs 1,00,000 each of GGIAL.
The payment of Rs 631.24 crore made to the subsidiary of GMR Airports comes after the company announced entering into a financial partnership with NIIF in December 2022.
As per the partnership arrangement, the NIIF would invest in the equity capital of three airport projects of GMR Airports, marking NIIF’s first-ever investment in an airport asset in India.
The three airports also include greenfield international airports at Mopa in Goa and Bhogapuram in Andhra Pradesh.
As per the transaction details of the financial partnership, NIIF would make a primary investment of Rs 631 crore in the form of CCD in GGIAL for running and operating the new airport in Goa.
Last month, GMR Airports Infrastructure announced a Composite Scheme of Amalgamation and Arrangement of subsidiary GMR Airports with GMR Airports Infrastructure. The company had said that on completion of the merger, GMR Airports Infra shall continue as a listed public entity.
The Chief Financial Officer of GMR Group, Saurabh Chawla, confirmed to CNBC-TV18 that the merger of the group entities involved a 51 percent subsidiary that operated airports.
Shares of GMR Airports Infrastructure Ltd were trading at Rs 45 apiece, up 0.56 percent, on BSE at 11:12 am on Wednesday.