GMR Airports on Monday said Groupe ADP, formerly Aéroports de Paris or ADP, has successfully raised 2.5 billion euros in bonds. The Indian infra major had in February 2020 signed an agreement with Groupe ADP to divest 49% stake in GMR Airports Limited (GAL) for an equity consideration of Rs 10,780 crore, valuing GAL at Rs 22,000 crore.
“The bonds were over-subscribed by more than five times. The over-subscription of bonds in current economic scenario is the testimony of faith international investors have in Groupe ADP, as global airport developer and operator,” said a GMR official. The GMR Group has already received the first tranche of Rs 5,248 crore, which was utilised to deleverage the group and improve cash flow and profitability.
Groupe ADP had also pegged earn-outs up to Rs 4,475 crore linked to achievement of certain agreed operating performance metrics as well as on receipt of certain regulatory clarifications over next five years. Thereby, GAL’s total valuation assuming all above earn-outs are successfully consummated, may reach Rs 26,475 crore on post money basis.