Adani Ports board approves raising up to USD 700 mn via foreign currency bonds

Adani Ports and Special Economic Zone (APSEZ) said Friday its board has approved raising up to USD 700 million through foreign currency bonds.

On July 9, the company had said a meeting of the company's board of directors will be held on Friday (July 12) to consider raising funds by way of issuance of the dollar-denominated foreign currency bonds which may be issued in one or more tranches overseas.

"Board of directors of Adani Ports and Special Economic Zone Ltd (the Company) at its meeting held on July 12, 2019, has approved issuance of USD denominated foreign currency bonds (bonds) which may be issued in one or more tranches overseas, and that may be listed in any one or more stock exchanges in India or overseas," APSEZ said in a BSE filing.

The proceeds of the bonds will be used for the refinancing of existing notes due in 2020 and other permissible end uses in accordance with applicable laws including Reserve Bank of India guidelines, it said. "The total amount raised will not exceed USD 700 million."