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FILE PHOTO: Workers wait for a cargo ship to beach at Mundra Port, operated by Adani Ports and Special Economic Zone Ltd, in the western Indian state of Gujarat April 2, 2014. REUTERS/Amit Dave/File Photo Image used for illustrative purpose.
India's largest private port operator Adani Ports and Special Economic Zone is seeking bids on May 29 to raise Rs50bn (US$584m) from 15-year bonds at 7.75%, according to market sources.
Crisil and Care have assigned a AAA rating to the secured notes.
The issuer has asked investors to place bids on BSE's electronic bidding platform from 10:30am to 11:30pm India time.
The coupon will step up by 25bp if the rating falls below AA– and, if it falls below A, the debenture holders reserve the right to mandatory pre-payment of outstanding principal and accrued interest.
The issuer recently received board approval to raise up to Rs60bn from bonds.
Source: IFR
