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Last Updated : Jul 09, 2019 09:47 PM IST | Source: PTI

Adani Ports board to consider raising up to $700 mn via foreign currency bonds

A meeting of the company's board of directors will be held on July 12 to consider raising funds by way of issuance of dollar-denominated foreign currency bonds which may be issued in one or more tranches overseas, APSEZ is in a regulatory filing to the BSE.

 
 
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Adani Ports and Special Economic Zone (APSEZ) said July 9 its board later this week will consider raising up to $700 million through foreign currency bonds. The bonds may be issued in various tranches, it said.

A meeting of the company's board of directors will be held on July 12 to consider raising funds by way of issuance of dollar-denominated foreign currency bonds which may be issued in one or more tranches overseas, APSEZ is in a regulatory filing to the BSE.

It said these "may be listed in any one or more stock exchanges overseas, for refinancing of existing notes due on July 2020 in accordance with applicable law and other permissible end-uses as per the Reserve Bank of India guidelines".

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It also added that the total amount should "not exceed USD 700 million on a private placement basis or otherwise, to any persons, entities, corporate bodies, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the bonds under applicable laws".

Last month, APSEZ had announced plans to raise USD 750 million to fund its capital expenditure requirement and also to retire some of its debt.

"The finance committee of Adani Ports and Special Economic Zone Ltd has approved the issuance of fixed-rate senior unsecured notes aggregating to $750 million and has approved the pricing, tenure and other terms of the notes," it had said in a regulatory filing.

The company had said it intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for purposes, and the remainder for repaying existing indebtedness.
First Published on Jul 9, 2019 09:40 pm
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