India’s largest private port operator Adani Ports and Special Economic Zone has accepted bids aggregating to 5 billion rupees ($60.18 million) for two bonds, one maturing in five years and the other in 10 years, three bankers said on Monday.
The company tapped the bond market for the first time since October 2021 and had invited bids from investors and bankers earlier in the day. Adani Ports, which operates 13 ports and terminals in the country, had announced in December it would raise up to 50 billion rupees by issuing bonds through private placements in one or more tranches.
A majority of the funds issued will be used to refinance existing debt, it had said. The company had last tapped the bond market in October 2021, when it raised 10 billion rupees at a coupon of 6.25%.
