Adani Ports and Special Economic Zone is set to issue two bonds, each worth Rs 250 crore, on January 8, aiming to raise a total of Rs 500 crore. The bonds will mature in five and ten years, carrying fixed coupons of 8.70 percent and 8.80 percent, respectively.
This move follows Adani Group’s second bond issue since the Hindenburg Research report surfaced last year, resulting in a significant market capitalization loss and impacting the group’s fundraising capabilities.
The bonds, rated ‘AA+’ by India Ratings and ICRA, will be exchanged for bonds and money on January 9. Adani Ports, operating 13 ports and terminals, approved raising funds up to Rs 5,000 crore via non-convertible debentures.
The company’s interest rates are subject to adjustments based on credit ratings, with the board approving the issuance of debentures with a face value of Rs 1,000 each.
Adani Group, focusing on capital expenditure, plans to invest Rs 7 lakh crore in infrastructure projects over the next decade. The recent Supreme Court decision allowed SEBI to complete remaining probes into alleged securities law violations by Adani Group companies.
Despite challenges in the past year, including allegations of stock manipulation and accounting fraud, Adani Ports continues to seek financial avenues for growth.
