Adani Ports & Special Economic Zone Ltd.'s record rupee bond offer worth Rs 5,000 crore saw interest from Life Insurance Corporation of India, as per several media reports including Bloomberg, Reuters and others.
India's largest private port operator will issue a 15-year bond with a coupon of 7.75%, the proceeds of which will be deployed for capital expenditure and refinancing existing dollar debt, Bloomberg News reported on Thursday, quoting unnamed sources.
This is the firm’s largest rupee deal and the first since January 2024, the report said.
Longer tenor bonds are sought-after investment assets for Indian insureres that provides fixed income and allows them to meet their similar nature liabilities.
News agency Reuters reported about LIC buying Adani Ports debt earlier on Thursday.
Separately, Adani Ports recently raised about $150 million through a bilateral loan from DBS Group Holdings Ltd., the Bloomberg News report said.
Adani Ports board on Saturday will consider a buyback of certain dollar-denominated bonds in this financial year, subject to market conditions.
As per their latest financial reports, the company's cash balance stood at Rs 8,001 crore as of the period ended March 31, 2025. Net debt to Ebitda ratio was at 1.9 times in FY25, compared to 2.3 times in FY24.
Dollar bonds constitute 23% of the total long-term borrowing of the company in FY25.
Global rating agency Moody's rates Adani Ports bonds as 'Baa3 / Negative', while S&P Global and Fitch Rating placed 'BBB-/Negative'.
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