DIAL looks to raise $350 million through dollar bonds

Delhi International Airport Limited (DIAL), a GMR Group company, is planning to raise funds amounting to $350 million through a 10-year senior secured bond facility. The proceeds from the loan will be used to fund a major expansion plan proposed to be taken up at Delhi airport. To take up the expansion works, DIAL expects that a total investment of Rs 98 billion will be required over a three-year development phase. Rating agency Moody’s has assigned a Ba2 rating for the proposed bond.