Adani Road Transport's two units accept bids for Rs 11.25 billion bond issue

24 Oct 2024 CW Team

Two special purpose vehicles under India's Adani Road Transport received bids totalling Rs 11.25 billion, as reported by three bankers. The fundraising was conducted through a series of bond issuances by the two companies, aimed at securing long-term financing for infrastructure projects.

Mancherial Repallewada Road accepted bids amounting to Rs 2.37 billion, while Suryapet Khammam Road secured Rs 2.82 billion through bonds with a tenure of six years and five months, and six years and eight months, respectively. Both bonds were issued at a semi-annual coupon rate of 8.28%, indicating the interest rate payable to investors every six months.

In a separate tranche, Mancherial Repallewada Road and Suryapet Khammam Road also accepted bids worth Rs 3.31 billion and Rs 2.75 billion, respectively, through bonds with longer durations. The terms for these bonds were set at 10 years and 11 months, and 10 years and eight months, each carrying a semi-annual coupon rate of 8.08%. These longer-term bonds were intended to secure steady funding over a decade for ongoing infrastructure development.

Earlier in the day, the companies had opened the process for commitment bids, inviting interested parties to submit their offers for these bond issues.

Infrastructure Urban

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