GMR Airports board clears plans to raise Rs 5,000 crore, set up SPV

Airport operator GMR Airports said on Thursday that its board has approved a plan to raise up to Rs 5,000 crore. The funds will be raised in one or more tranches, through “securities including fully paid-up Equity Shares, non-convertible debentures along with warrants and/or convertible securities other than warrants and/or any other securities either through Qualified Institutions Placement or any other method and/or issue of Foreign Currency Convertible Bonds”, the company said in a regulatory filing. 

The GMR Airports board also approved the establishment of a wholly-owned subsidiary as a special purpose vehicle (SPV).

This SPV will undertake Delhi International Airport’s cargo city project. DIAL had awarded the project to GMR Airports. 

Under the deal, GMR Airports will finance, design, develop, construct, operate, manage and maintain Cargo City at the Indira Gandhi International Airport in the national capital, noted the filing.

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The agreement is for an initial period till 2036, which may further be extended by 30 years subsequently, according to a filing last week. 

The project involves developing cargo and logistics facilities over 50.5 acres of land within the airport, including a 10-acre optional land parcel that may be taken up in the future.

GMR Airports shares vs Nifty 50 

Earlier on Thursday, GMR Airports shares ended 2.3 per cent lower at Rs 89 apiece on BSE.

At the current level, GMR Airports shares have risen 13.3 per cent so far in 2025, outperforming a 5.7 per cent gain in the Nifty 50 index.

However, in the past one year, the stock has declined 6.2 per cent while the headline index has risen 1.3 per cent.

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