Adani Ports crosses Rs 1 trillion-mark in market capitalisation

AICTPL raising first $300 million public dollar bond at lowest coupon size lends support

Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) today crossed Rs 1 trillion in market capitalisation for the first time, following news of Adani International Container Terminal Private Limited (AICTPL) having settled its first $300 million public dollar bond issuance on December 21, 2020.

AICTPL is 50:50 joint venture between APSEZ and Terminal Investment Limited (TiL), the sixth largest container terminal operator in the world.

The issue had large participation from marquee real money investors with interests coming from around 220 accounts leading to about 10 times oversubscription, said the company in its release today.

The issue of 10-year bond was priced at par to yield 3.00 percent which is also the lowest coupon achieved by any corporate Indian issuer in the last 5 years, informed Adani.

 

Intraday, shares of APSEZ made a 52-week high at Rs 492.85 per share on the BSE.

Barclays, Citigroup, DBS Bank, MUFG, and Standard Chartered were global coordinators, book-runners, and lead managers.

AICTPL is a container terminal operating company based out of Mundra, with capacity of over 3.1 million TEUs. The quay length of 1460 meters and a deep draft of 17.5 meters makes AICTPL a prime destination for transshipment cargo.

However, shares of APSEZ ended at Rs 483.75 per share, up 1.14 percent from previous close with market capitalisation at Rs 98,285.99 crore.