JSW GMR Cricket, a 50:50 JV between GMR Sports and Sajjan Jindal-promoted company JSW Sports, owns Delhi Capitals in the Indian Premier League and Women’s Premier League.
The funds were raised last week to repay existing bonds, repay GMR Enterprises’ debt, and acquire shares of GMR Airports Infrastructure from GMR Enterprises, according to disclosures made by GMR Sports to National Securities Depository (NSDL).
The company issued two tranches – series A comprising ₹400 crore and series B of ₹600 crore – both maturing on March 12, 2027. In both tranches, investors have a ‘put option’ – the right to seek redemption – at the end of 18 months from the date of allotment.
According to the bond structure, the coupon would increase to 21% on the optional redemption date, which is September 12, 2025, according to disclosures made to NSDL.
The optional redemption date is fixed at the end of 18 months, the same date bondholders can exercise the put option.The step-up rate structure is designed to encourage the borrower to redeem the bonds by 18 months, persons cited above said.GMR Group and JM Financial did not respond to the request for comments. Elham could not be reached for comments.
Three JM Financial funds – JM Credit Opportunities Fund, JM Credit Solutions, and JM Financial Properties and Holding – invested ₹500 crore. AEG Ind, a private credit fund of Elham, has invested ₹500 crore in both the series.
The bonds have corporate guarantees from Varalakshmi Sports and Kothavalsa Infraventures.
GMR Sports also owns Dubai Capitals, a cricket franchise in the International League T20, UP Yoddhas (UPY), which is a Kabaddi team based in Lucknow, and Telugu Yoddhas is a franchise Kho Kho Team that represents the state of Telangana in the Ultimate Kho Kho (UKK) League.
The GMR Group, which constructs roads and airports and generates power, has been raising funds from the bond market to refinance its existing debt.
Last financial year, GMR Airports raised ₹5,000 crore bonds for three years.