Adani Ports enters bond market

India's largest private port operator, Adani Ports and Special Economic Zone, entered bond market for the first time in over two years.

Source: Adani Ports

The fundraising follows the Supreme Court's decision that the group is not required to undergo additional investigations beyond the market regulator's current scrutiny.

Source: Facebook Photo

The group's port operator unit accepted bids aggregating to Rs 5 billion for two listed bonds.

Source: Adani Ports

The company received bids totalling Rs 10 billon, with participation from banks and insurance companies, according to three merchant bankers.

Source: Freepik

The company offered a coupon that was 15-20 basis points higher than those of similarly rated companies, the bankers said.

Source: Adani Ports

Adani Ports last tapped the bond market in October 2021, raising Rs 10 billion at 6.25 per cent coupon.

Source: Republic

Adani Ports, operating 13 ports and terminals in the country, had last week announced its intention to raise up to 50 billion rupees by issuing bonds in the coming months.

Source: Unsplash