Billionaire Gautam Adani’s ports business Adani Ports and Special Economic Zone Ltd’s board will meet on Tuesday to consider raising up to $1.25 billion through dollar bonds, the company said in a stock exchange filing on Saturday.
“We would like to inform you that the meeting of the board of directors of the company will be held on Tuesday, 7 July, 2020, to consider raising funds by way of issuance of dollar-denominated foreign currency bonds…provided that the total amount does not exceed $1.25 billion on a private placement basis, or otherwise,” it added.
Last December, Mint had reported that after tapping the dollar bond market twice in 2019, Adani Ports was preparing for a fresh issuance of dollar bonds in 2020.
In June 2019, Adani Ports had raised $750 million through a bond sale, and followed it up with a $650-million buy back offer for bonds maturing in 2020 in the following month.
In 2019, Adani group companies issued five dollar bond offerings, including two bonds by the ports operator, totalling about $2.76 billion.
Its renewable energy business Adani Green Energy Ltd raised $500 million in May 2019 and another $362.5 million via bond issuance last October.
Adani Transmission, the power transmission and distribution business of the group, raised $500 million last November.
In February, Adani Electricity Mumbai Ltd, raised $1 billion in its maiden dollar bond offering.