APSEZ raises Rs 50 billion through bond issuance to LIC

Adani Ports and Special Economic Zone (APSEZ) has raised Rs 50 billion through rupee denominated bonds. Life Insurance Corporation subscribed to the issue entirely as it was a pre-approved, privately negotiated transaction. The bonds were issued for 15-year period at a coupon rate of 7.75 per cent. It was not a market-based issuance; therefore, no green shoe option was available. The proceeds will be utilised for refinance/ repayment/ pre-payment of debt obligations. Moreover, the funds will also be utilised for capital expenditure for port development and related infrastructure.