Airports Authority of India scales back debt raising proposal

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.