GMR Airports in talks to raise $500 million before IPO

GMR Airports Limited is in talks to raise around $500 million from special situations fund AION Capital Management Limited to buy out some of the investors in the private airport operator. The proposed investment by AION, a JV between ICICI Bank Limited and Apollo Global Management, will be a structured transaction with a mix of debt and equity. The funds will be used to buy out some of its PE investors before a planned IPO later this year. The company’s investors include Macquarie SBI Infrastructure Investments, Standard Chartered PE, JM Financial-Old Lane India Corporate Opportunities Fund, and Build India Capital Advisors LLP. They had collectively invested Rs 15 billion since 2011.