Gautam Adani’s port company has done so for the first time in 2 years, in a new bid to raise funds

Adani Group’s plans, which were derailed after the Hindenburg Research Report last year, are slowly getting back on track. Adani companies have now started executing plans to raise funds. Adani Ports & SEZ, the group’s port operator company, recently entered the bond market. This is the first time in 2 years that Adani Ports has entered the bond market.

The highest bids were received for two bonds

Adani Ports received bids for bonds maturing in 5 years and 10 years, Reuters reported. The company accepted $60.2 million i.e. Rs 500 crore worth of bonds for both the bonds. The company had received bids of Rs 1,000 crore for both the bonds. Adani Ports is offering coupon rates of 7.80 percent and 7.90 percent on these two bonds. These coupon rates are 15 to 20 basis points higher than similarly rated companies.

For the first time since October 2021

Adani Ports last entered the bond market in October 2021. At that time, Adani Group’s port company had raised $10 billion from the market at a coupon rate of 6.25 percent. Subsequently, several fund raising plans of the Adani Group were shelved due to the controversial Hindenburg Research report. The US short-seller firm issued a report on the Adani Group at a time when the group’s flagship company Adani Enterprises came up with an FPO.

Impact of the Hindenburg Report

The Hindenburg Research report also influenced Adani Enterprises’ follow-on public offering. In view of the controversy arising from the report, Adani Enterprises withdrew the FPO even after it was fully subscribed and all investors were refunded. Now Adani Group’s port company has entered the bond market at a time when the Supreme Court has confirmed SEBI’s probe into the Hindenburg allegations.

The company has announced this.

Adani Ports is one of the largest port operator companies in the world. The company currently operates 13 ports and terminals in India. The company announced last week that it is going to raise funds through bonds. The company had announced plans to raise up to Rs 5,000 crore from bonds in the coming months. The company is going to use most of the funds raised on refinancing its existing debt.

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