BIAL raises Rs 90 billion through NCDs

Bangalore International Airport Limited (BIAL) has raised Rs 90 billion through India’s largest unlisted private placement of non-convertible debentures (NCDs) in the airports sector. The deal is being executed in two tranches, with Rs 43.62 billion having been closed in July 2025 and Rs 46.38 billion scheduled for October 2025. SBI Capital Markets (SBICAPs) acted as the sole arranger for the issuance. The deal has aided in reducing borrowing costs through the AAA credit rating, a shift from marginal cost of funds-based lending rate (MCLR)-linked to a fixed interest rate, and an extended maturity profile.