Adani Ports plans $500-million bond issue


NEW DELHI: Adani Ports and Special Economic Zone is looking to raise $500 million through an overseas bond issue, its second such offering to global investors in a span of six months, said people in the know.

The company is said to have appointed half a dozen international banks to underwrite the offering, these people said. The company is raising funds on the back of heightened liquidity in global markets which has led to cheaper funding for Indian companies raising money overseas.

The likes of State Bank of India, Shriram Transport Finance and Exim Bank have raised international money at record-low rates in the past month. Exim Bank’s 10-year bond offered a coupon of 2.25% to investors. It raised $1 billion from international markets.

An email query sent to the company remained unanswered till as of press time.

The company had successfully raised $750 million through a similar international offering in July in tough conditions and when economic activity was at all-time lows domestically due to the Covid-19 pandemic.

Citi, Barclays and JP Morgan were among the arrangers of its offering at the time. REC had also raised money through an international offering at the same time.

The Adani group company is raising the funds for general corporate purposes, the people cited said.

In a notification to stock exchanges on July 4, Adani Ports and Special Economic Zone had informed investors that it would secure board approvals for raising up to $1.25 billion through issuances of bonds to international investors.





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