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Adani Ports board to consider raising up to 700 million via foreign

first_imgNew Delhi: Adani Ports and Special Economic Zone (APSEZ) said Tuesday its board later this week will consider raising up to $700 million through foreign currency bonds. The bonds may be issued in various tranches, it said. A meeting of the company’s board of directors will be held on July 12 to consider raising funds by way of issuance of dollar-denominated foreign currency bonds which may be issued in one or more tranches overseas, APSEZ is in a regulatory filing to the BSE. Also Read – Maruti cuts production for 8th straight month in SepIt said these “may be listed in any one or more stock exchanges overseas, for refinancing of existing notes due on July 2020 in accordance with applicable law and other permissible end-uses as per the Reserve Bank of India guidelines”. It also added that the total amount should “not exceed $700 million on a private placement basis or otherwise, to any persons, entities, corporate bodies, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the bonds under applicable laws”. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsLast month, APSEZ had announced plans to raise $750 million to fund its capital expenditure requirement and also to retire some of its debt. “The finance committee of Adani Ports and Special Economic Zone Ltd has approved the issuance of fixed-rate senior unsecured notes aggregating to $750 million and has approved the pricing, tenure and other terms of the notes,” it had said in a regulatory filing. The company had said it intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for purposes, and the remainder for repaying existing indebtedness.last_img read more