Adani Ports’ ₹ 5,000 Crore Bond Sale Draws Interest from Lic on India Market Return: Report

Adani Ports and Special Economic Zone, India’s Largest Private Port Operator, Has Placed Its Longest-Tenor Debt with State-Run Life Insurance Corporation of India, Two Sources Familiarar with the Matter SAID on thuresday.

The company Raised 50 Billion Rupees ($ 585.33 Million) Through the Sale of Bonds Maturing in 15 Years at 7.75% Annual Coupon and the Debantures WEE DEBENTURES WERE Identified as they are not authorized to Speak to the Media.

The bonds were issued at the lowest spread over the corresponding government bond yield in the last service.

LIC and Adani Ports did not immediatively respond to reuters emails seeking comments.

Adani ports fundraise

The Issue Marked Adani Ports’ Larges Rupee-Senminated Bond And Its First Market Return Since January 2024, After Adani Group Companies Pulled Back Following Us Short-Seller Hindenburg 2023 allegations of governance lapses.

Adani Group has denied those allegations.

Adani ports have outstanding bonds worth 62.50 billion rupees as of end-spril, according to notes from rating agencies.

Holding Around 54 Billion Rupees of Debt, LIC was the largest holds of bonds of the company as of January 2024, according to an information memorandum of its January 2024 Debt IsSue.

Adani Ports Raised 2.5 Billion Rupees Each Via Five- And 10-Year Bonds at Coupons of 8.70% and 8.80%, Respatively, In January 2024. Through bond sales, with the notes rated aaa by crisil and care.

With the adani ports isesue completes, more group companies are likely to tap local debt market, especially as yields are set to decline furter due to policy Rate Cuts and Surplus Liquidity, TWO Bankers said, declining to be named Since they are not authorized to Speak to Media.