Adani Energy Solutions, formerly known as Adani Transmission, is planning to raise Rs1.25bn (US$15m) from 10-year bonds at 8.65%, according to market sources.

Crisil and India Ratings have assigned a AA+ (stable) rating to the senior unsecured notes.

The coupon will be stepped up by 25bp for each notch rating downgrade below AA. If the rating falls to or below AA–, then the bondholders will have the right to redeem the bonds along with the accrued interest.

The issuer is seeking bids on the BSE's electronic bidding platform on November 12 from 1pm to 2pm India time.

Tipsons Consultancy Services is heard to be the arranger for the deal.

Adani Energy Solutions last raised Rs1.5bn from 10-year bonds at 8.7% in August.

It is yet to make an official announcement on the planned bond sale.

Source: IFR