GMR Infrastructure Ltd, said that its subsidiary GMR Male International Airport (GMIAL) has won a project to modernise, expand and operate Republic of Maldives's capital Male's International Airport.
Earlier on 24th June, the consortium led by GMR Infrastructure with Malaysia Airports Holdings Berhad (MAHB), had won concession for the Male Airport for 25 years.
GMIAL is the special purpose vehicle formed in Maldives pursuant to the concession, in which the stake of GIL and MAHB is 77% and 23%, respectively.
The total cost of the modernisation and expansion project, estimated at $511 million, is funded through a combination of debt and equity in the ratio of 70:30.
The debt component of $358 million has been tied up with Axis Bank's Singapore branch, which is acting as the sole underwriter and mandated lead arranger for the entire debt facility.
The debt has a door-to-door tenure of 12 years, with ballooning repayment over seven years, commencing from June 2015. Axis Bank is also acting as the security trustee and facility agent, whereas State Bank of India's Maldives branch is acting as account bank for the debt facility.
With Male, the GMR Group has four operational airports. The others being Delhi, Hyderabad and Istanbul.
On Thursday, GMR Infra ended 4.88% down at Rs46.75 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.73% down at 19,318.16 points.
The market opened strong this morning supported by positive cues and remained range-bound for most part of the morning session. However, a downward revision in ratings of some public sector banks resulted in the key indices closing with cuts of around 1%.
The market opened on a firm note this morning, tracking its Asian peers that were trading with modest gains. Choppiness, associated with the expiry of the November futures and options (F&O) contract, made its presence felt since the opening bell. The market slipped lower in the noon session but bounced back a short while later. However, a downward revision in ratings of some PSU banks that were in the news on account of the housing loan scam dragged the indices sharply lower in the late session.
The bellwether Sensex closed at 19,318.16, down 141.69 points (0.73%). The index touched a high of 19,628.27 and a low of 19,257.37. The Nifty stood at 5,799.75, a decline of 66 points (1.13%) over its previous close. The index touched a high of 5,907.75 and a low of 5,780.35, intraday.
The market breadth was negative today. The Sensex closed with 23 losers while seven stocks ended in the green. The Nifty had 40 decliners against 10 gainers. The broader indices were hammered today. The BSE Mid-cap index tanked 1.89% while the BSE Small-cap index tumbled 1.87%.
The top Sensex gainers included Infosys Technologies (up 2.09%), ACC (up 1.46%), HDFC (up 1.38%), TCS (up 1.32%) and Bharti Airtel (up 1.27%). Jaiprakash Associates (down 5.19%), DLF (down 4.13%), Reliance Communications (down 3.94%), Larsen & Toubro (down 3.48%) and Maruti Suzuki (down 2.70%) were the top losers.
The sectoral space had only two gainers—BSE IT (up 1.23%) and BSE TECk (up 0.92%). The laggards were led by BSE Realty (down 5.40%), BSE Capital Goods (down 2.88%), BSE PSU (down 2.65%), BSE Metal (down 2.43%) and BSE Power (down 1.87%).
Markets in Asia closed in the green on positive signals from the US and higher commodity prices. While tensions in the Korean peninsula have eased, investors in Seoul were still wary of making any big moves.
The Shanghai Composite surged 1.34%, the Hang Seng advanced 0.13%, the Jakarta Composite gained 1.18%, the KLSE Composite was up 0.53%, the Nikkei 225 rose 0.50%, the Straits Times was up 0.71%, the Seoul Composite added 0.09% and the Taiwan Weighted gained 0.64%.
Food inflation declined to a three-month low of 10.15% for the week ended 13th November as vegetable prices softened on fresh crop arrival, raising hopes that the Reserve Bank of India (RBI) will not hike key rates for now. Food inflation stood at 10.30% in the previous week.
This is the sixth week in a row that food inflation has fallen on the back of improved crop arrivals in markets across the country, as also the impact of RBI's monetary tightening which has arrested pressure on demand.
The US markets closed with smart gains overnight on positive economic data—a sign of an improvement in the economy. The Reuters/University of Michigan consumer sentiment index rose to 71.6 in November, up from 67.7 last month, beating analysts’ expectations.
The Labor Department’s data revealed that the number of US workers filing new claims for jobless benefits fell by 34,000 to 407,000 in the week ended 20th November, the lowest level since July 2008. Besides, personal income grew at a faster pace than they have for much of the year and consumer spending expanded. On the flip side, orders for durable goods decreased 2.7% in October; the steepest decline in nearly two years, and new home sales fell for the fourth time in the last six months. The US market will be closed today for the Thanksgiving Day holiday.
The Dow surged 150.91 points (1.37%) to 11,187. The S&P 500 gained 17.62 points (1.49%) to 1,198. The Nasdaq gained 48.17 points (1.93%) to 2,543.
Foreign institutional investors were net sellers of Rs473 crore in the equities segment on Wednesday. Domestic institutional investors were net sellers of Rs95 crore on the same day.
Day care and education centre Your Kids 'R' Our Kids (India) Education Pvt Ltd has raised Rs10 crore funding from India Venture Partnership (IVP). The funds raised would be used for its expansion plans.
Founded in 2002, Your Kids 'R' Our Kids provides services like corporate day care, pre-school and after school services and has a capacity of serving more than 2,000 children in the country across 12 centres. It currently has centres in Delhi, Pune and Bengaluru.
Your Kids 'R' Our Kids has tie-ups with more than 20 corporates like IBM, Accenture, Deutsche Bank, Infosys among others. In 2007, the firm had raised seed funding from IBM's Global Work Life Fund.