APSEZ to raise funds by issuing Bonds

The company has ventured to raise funds through financial instruments like bonds after more than 3 years. They have invited bids from bankers and investors. The announcement comes a day after India’s Supreme Court ruled that the Adani Group does not need to face more investigations beyond the market regulator’s current scrutiny, a major relief for the conglomerate hit hard by a U.S. short-seller’s allegations of wrongdoing.

Both the bonds issued by Adani Ports have an issue size of 2.5 billion rupees. A coupon of 8.70% is tagged to the bonds that will mature in five years and an 8.80% coupon has been put to the bonds that mature in a decade. Majority of these funds will be used to clear existing debts.

The bonds are rated AA+ by India Ratings and ICRA. Trust Investment Advisors is the sole arranger of the issue.