NEW DELHI: Adani Ports and Special Economic Zone (APSEZ), India's largest private port operator, is set to re-enter the domestic bond market after a 17-month break, with plans to launch its biggest-ever rupee-denominated debt issue, according to three merchant bankers on Wednesday.
The company aims to secure up to 50 billion rupees ($583.57 million) through 15-year bonds, with bids invited from bankers and investors on Thursday, bankers who requested anonymity told Reuters.
This issuance would mark both the company's largest bond offering and its longest tenure, surpassing their previous 10-year bond arrangements.
This represents the company's first venture into the local bond market since early January 2024, when it raised 2.50 billion rupees each through five-year and 10-year bonds at 8.70% and 8.80% coupons respectively.
The bankers, speaking anonymously indicated that the company is likely to offer approximately a 7.75% coupon rate.
Earlier on May 22, the company's board approved raising up to 60 billion rupees via bond sales. Crisil, Icra and Care have rated these notes AAA.
Adani Group and its 13 offshore investors are under Sebi investigation following Hindenburg Research's 2023 allegations regarding improper tax haven usage, which caused a stock market decline. The group has consistently denied any wrongdoing, with their shares showing recovery.
Stay informed with the latest business news, updates on bank holidays and public holidays.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read Less
Start a Conversation
Post comment