Adani Ports eyes $1.25 bn fundraise via dollar bonds
THE COMPANY’S BOARD WILL MEET ON JULY 7 TO DISCUSS THE MATTER, AS PER A MARKET FILING
MUMBAI: Billionaire Gautam Adani’s ports business Adani Ports and Special Economic Zone Ltd on Saturday said that its board will meet on Tuesday to consider raising up to $1.25 billion through dollar bonds, the company said in a stock exchange filing.
“We would like to inform you that the meeting of the Board of Directors of the Company will be held on Tuesday, 7 July 2020 to consider raising funds by way of issuance of US$ denominated foreign currency bonds...provided that the total amount does not exceed $1.25 billion on a private placement basis or otherwise,” the company said in the stock exchange filing.
Mint reported in December that after tapping the dollar bond market t wice i n 2019, Adani Ports was preparing for a fresh issuance of dollar bonds in 2020. In July 2019, Adani Ports raised $650 million to buy back bonds of a s i milar amount maturing in 2020, and in June 2019, i t raised $ 750 million through a separate bond sale.
In 2019, Adani group companies issued five dollar bond offerings, including two bonds by the ports operator, totalling about $2.76 billion.
Apart from the port company, Adani’s renewable energy business Adani Green Energy Ltd raised $500 million in May 2019 and followed it up with another bond issuance of $362.5 million in October 2019.
Adani Transmission, the power transmission and distribution business of the group, raised $500 million in November 2019.
Earlier this year in February, Adani Electricity Mumbai Ltd (AEML), a unit of Adani Transmission Ltd, which produces and supplies electricity to Mumbai, r ai s e d $ 1 bi l l i on i n i t s maiden dollar bond offering.