Adani to raise capital through issuance of global bonds

Wednesday, Jun 10, 2015,18:14 IST By metrovaartha A A A

New Delhi | Adani Group today said it will raise resources from the global bond market for refinancing ECB facility and capital expenditure.
”Pursuant to the approval of the Finance Committee of Board of Directors, the company has appointed intermediaries for organizing investor meetings for its proposed foreign currency denominated bonds, the bond offering may follow, subject to market conditions,” the company said in a filing to¬† the Bombay Stock Exchange.
However, the company did not give any details what will be the quantum and tenure of the bonds.
”The proceeds of the bonds, if and when issued, will be utilized for the refinancing existing ECB facility and capital expenditure as provided under the extant guidelines of Reserve Bank of India,” the statement said.
Adani Ports and Special Economic Zone Ltd also said that it expects to be assigned Baa3/STABLE by Moody’s, BBB-/STABLE by S&P and BBB-/STABLE by Fitch for its proposed foreign currency denominated bonds.
In recent past, the company has been expanding its footprint through greenfield projects and acquisitions, other than the existing eight ports or terminals currently in operations, it has also emerged as the sole bidder for a greenfield port in Kerala.