Mumbai: and Special Economic Zone is set to raise ₹5,000 crore through a 15-year rated, listed, secured (NCD) issue, marking its return to the domestic bond market after over a year. The non-convertible debentures could be priced at a coupon of 7.7% to 7.75%, a bank executive said on condition of anonymity.
The issue opens for bidding on May 29. There is no greenshoe option, keeping the total size capped at ₹5,000 crore. Market insiders said the bonds would be subscribed by three financial institutions, including a state-run insurer.
Proceeds from the issuance would be used for , refinancing existing debt, and general corporate purposes.
As of March 31, 2025, APSEZ’s net debt stood at ₹36,422 crore. With Ebitda at ₹20,471 crore, its net debt-to-Ebitda ratio stood at 1.78x, improving from 2.3x at the end of FY24.
An Adani spokesperson did not immediately respond.
“This is the largest by APSEZ in terms of size,” the banker cited above said. “Adani is opting for a longer tenor as the funding requirement is long-term in nature.”