MUMBAI: Billionaire Gautam Adani-owned Adani Ports & SEZ Ltd on Saturday said that its board will meet on July 7 to consider raising up to $1.25 billion through dollar bonds, according to a company stock exchange filing.
“We would like to inform you that the meeting of the board of directors of the company will be held on Tuesday, 7 July 2020 to consider raising funds by way of issuance of US$ denominated foreign currency bonds...provided that the total amount does not exceed $1.25 billion on a private placement basis or otherwise," the company said in the stock exchange filing.
Mint reported in December that after tapping the dollar bond market twice in 2019, Adani Ports was preparing for a fresh issuance of dollar bonds in 2020.
In July 2019, Adani Ports raised $650 million to buy back bonds of a similar amount maturing in 2020, and in June 2019, it raised $750 million through a separate bond sale.
In 2019, Adani group companies issued five dollar bond offerings, including two bonds by the ports operator, totalling about $2.76 billion.
Apart from the port company, Adani’s renewable energy business, Adani Green Energy Ltd, raised $500 million in May 2019 and followed it up with another bond issuance of $362.5 million in October 2019.
Adani Transmission, the group's power transmission and distribution business, raised $500 million in November 2019.
In February this year, Adani Electricity Mumbai Ltd (AEML), a unit of Adani Transmission Ltd, which produces and supplies electricity to Mumbai, raised $1 billion in its maiden dollar bond offering.
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