GMR Hyderabad International Airport Limited, a subsidiary of GMR Airports Limited, announced that it has successfully priced an offering of $300 million bond in the international bond market. GHIAL has entered into a purchase agreement to issue and allot $300 million, 5.375 per cent senior secured notes of 5-year tenure. The proceeds from the notes will be used towards the capital expenditure for the expansion of the Rajiv Gandhi International Airport in Hyderabad. The expansion will increase the capacity of the airport to 34 million passengers per annum. Fitch Ratings recently said that GHIAL’s FY18 passenger traffic was at 18.3 million and expected the traffic to grow strongly because India is an emerging economy with an increasing propensity to fly.