Adani Ports has successfully raised a US$650 million bond issue that it will use to pay off some of the company’s debt and opt into more projects and acquisitions, according to the Business-Standard.
PTI reported previously that Adani Ports were looking to purchase Gangavaram Port in Andhra Pradesh, India for US$2.1 billion.
Sanjeev Jha, Director and Head of India Capital Markets at Bank of America Merrill Lynch, said: “This is the first investment grade infrastructure US dollar bond which received bids from over 100 investors across the world. This just opens up the market for other Indian infrastructure companies to follow suit.”
Bankers have said that the fund raising is being managed by Bank of America Merrill Lynch, Barclays, Citigroup and Emirates NBD Capital as joint book runners and lead managers.
Adani Ports plans to set up ports in every state in India and has recently received Kerala government’s go ahead to build Vizhihjam Port and is currently in the process of acquiring 10% more to ensure that construction work can begin.