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Updated February 22nd, 2024 at 16:05 IST

Adani Airport Holdings plan $24 million bond by March

The exact terms and tenors of the bond issue are still being finalised.

Reported by: Business Desk
Adani Airport Holdings plan $24 million bond by March
Adani Airport Holdings plan $24 million bond by March | Image:Pexels
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Adani airport holdings: Adani Airport Holdings, a subsidiary of the Adani Group, is aiming to raise a minimum of $24.12 million through short-tenor bonds by March, according to two banking sources on Thursday.

The exact terms and tenors of the bond issue are still being finalised, and the issuer is currently in discussions with private credit funds and other investors, as one of the bankers mentioned. However, they preferred to remain anonymous, as they are not authorised to speak to the media.

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Adani Group has not yet responded to requests for comments on the matter.

Bond issue allocation

The funds raised from this bond issue will be allocated for refinancing, extending loans to special-purpose vehicles, and supporting capital expenditure.

Crisil, a ratings agency, has assigned an "A+" rating to Adani Airport's bonds worth Rs 4 billion, which includes the upcoming fundraising. The rating takes into account the recent Supreme Court ruling in the Adani Group versus Hindenburg Research case, which is expected to enhance the group's financial flexibility.

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Following last year's allegations by a US short-seller, Adani Ports and Special Economic Zone, another entity of the Adani Group, was the first to access the bond market in January. The company has vehemently denied all accusations of misconduct.

(with Reuters inputs)

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Published February 22nd, 2024 at 11:49 IST

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