India's Adani Airport Holdings, one of the largest airport operators in the country, has raised 10 billion rupees ($120 million) through the sale of rupee-denominated bonds, three bankers said on Tuesday.
The three-year bonds carry a coupon of 8.96% per annum, payable on a quarterly basis, the sources said. The notes are rated AA- by India Ratings, and the company had invited commitment bids for the issue on Friday.
The proceeds will be used to fund capital expenditure across Adani's airport network and support its broader growth plans, one of the sources added.
Adani Airport Holdings successfully conducted a bond sale, raising 10 billion rupees to support its operations. The three-year bonds have a coupon rate of 8.96% per annum, payable quarterly. These funds will be used for capital expenditure across Adani's airport network to enhance growth. The company also recently raised around $1 billion from private equity investors.
The airport operator did not respond to a Reuters email seeking comment. The sources declined to be identified as they were not authorised to speak to the media.
Reuters reported earlier that Adani Airports was among several companies planning rupee bond sales to lock in borrowing costs before the Reserve Bank of India's October 7 monetary policy decision.
Large Indian conglomerates, state-run companies, infrastructure investment trusts and non-bank lenders are raising around 290 billion rupees ($3.02 billion) of short- and long-term bond issuances ahead of the policy review.
Recently, the company raised around $1 billion through marquee private equity investors Alpha Wave Global, Premji Invest, Temasek, and BlackRock-managed funds, valuing the firm at around $18 billion.
