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Airports Authority of India scales back debt raising proposal

25-Nov-2009 12:38 PM

Airports Authority of India (AAI) reportedly plans to scale back its proposed debt raising from USD259.7 million to USD129.8 million (The Economic Times, 25-Nov-2009). AAI’s Board of Directors has already reportedly approved the proposal to raise the debt. The authority has reportedly raised USD83.2 million over the nine months ended 31-Sep-2009. It intends to raise USD432.8 million this fiscal year, ending 31-Mar-2010 (Press Trust of India, 24-Nov-2009). AAI also reportedly plans to resubmit its proposal to India’s Ministry of Finance to raise USD1.2 billion through tax-free bonds.