Adani Ports plans to raise up to Rs 500 cr through NCDs

Adani Ports and Special Economic Zone (APSEZ) is looking to raise up to Rs 500 crore through the issuance of two sets of non-convertible debentures (NCDs) next week, market sources said.

The company aims to raise up to Rs 250 crore through the sale of a 2034 bond with a coupon of 8.80% and Rs 250 crore through the sale of a 2029 bond with a coupon of 8.70%, sources aware of the development said. Bidding for the two sets of NCDs are to take place on January 8 from 11:30 am to 1 pm, they said.

The securities are listed, rate, redeemable and secured NCDs.


The maturity of the 5-year bonds is on January 9, 2029 while that of the 10-year bonds are on January 9, 2034 and the securities are rated AA+ by local rating firms India Ratings and ICRA.

The arrangers for the issue are Trust Investment Advisors Private Limited, the sources said.

In a notice to exchanges on December 12, APSEZ said that its board of directors had given in-principle approval for the issuance of NCDs for capex/refinancing of existing debt and general corporate purposes for an aggregate amount not exceeding Rs 5,000 crore in or more tranches on a private placement basis.

The company’s board also approved in principle the issuance of non-cumulative, redeemable preference shares on a private placement basis for an aggregate amount which does not exceed Rs 250.19 crore in one or more tranches