Allotment of NCDs on Private Placement basis.
Awaiting price reaction for this filing.
Adani Ports and Special Economic Zone Ltd (APSEZ) has raised Rs 5,000 crore by allotting 5 lakh secured, redeemable Non-Convertible Debentures (NCDs) of face value Rs 1,00,000 each, with a 15-year tenure. The NCDs were issued at par at a coupon of 7.75% per annum and were fully subscribed by Life Insurance Corporation of India (LIC). This is APSEZ's longest-ever domestic bond issuance. Proceeds will be used for a proposed buyback of its US Dollar bonds, subject to board approval on May 31, 2025. The transaction extends APSEZ's average debt maturity from 4.8 years to 6.2 years and is supported by its AAA/Stable rating from CRISIL, ICRA, CARE, and India Ratings.
Positive for shareholders — APSEZ has secured long-term, competitively priced funding from a marquee domestic investor (LIC), which strengthens its debt maturity profile and supports its Capital Management Plan. The buyback of dollar bonds could reduce future forex and refinancing risks.