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regular-article-logo Thursday, 18 April 2024

Adani Ports and Special Economic Zone raises Rs 500 crore via non-convertible debentures

The country’s largest private ports operator informed the bourses that it has accepted bids aggregating Rs 500 crore for two listed bonds, with one maturing in five years and the other in 10 years

Our Special Correspondent Mumbai Published 10.01.24, 09:20 AM
Representational image

Representational image File picture

Adani Ports and Special Economic Zone (APSEZ) on Tuesday raised Rs 500 crore through the issue of non-convertible debentures (NCDs) on a private placement basis.

The issue marks the company’s return to the debt markets in more than two years.

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The country’s largest private ports operator informed the bourses that it has accepted bids aggregating Rs 500 crore for two listed bonds, with one maturing in five years and the other in 10 years.

APSEZ said the NCDs have a face value of Rs 1 lakh, to be listed on the wholesale debt market segment of the BSE.

The bonds were reportedly raised at a coupon of 7.80 per cent (5 years maturity) and 7.90 per cent (10 years).

The offer is part of an announcement last month where the company disclosed it will issue NCDs for capex or refinancing of existing debt and general corporate purposes for an aggregate amount of up to Rs 5,000 crore in one or more tranches on a private placement basis.

The issue comes days after a recent Supreme Court order on the Hindenburg report. On January 3, the top court ruled that the fraud allegations against the domestic conglomerate did not need more probes either by a special investigation team or the CBI even as it gave capital market regulator Sebi three more months to conclude its investigations.

With the offer a success, APSEZ is likely to come out with similar issues in the coming days.

A Reuters report said that the company received good response for the offering with bids totalling Rs 1,000 crore.

Quoting investment bankers, the report added that APSEZ offered a coupon that was 15-20 basis points higher than those of similarly rated companies. Adani Ports had last tapped the bond market in October 2021.

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