APSEZ looks to raise up to Rs 500 crore through 2 sets of 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
