Connect with us
Monday,25-October-2021

Business

Adani Ports & SEZ 1st Indian infra firm to raise 20-year’s money from markets

Published

on

Adani-Ports

Adani Ports and Special Economic Zone Ltd (APSEZ), the transport and logistics arm of the diversified Adani portfolio, had successfully priced a $750 million senior unsecured dollar notes issuance with 20 years and 10.5 years tranches at a fixed coupon of 5.0 per cent and 3.8 per cent respectively.

The issuances were closed on July 26, 2021 and was oversubscribed by over three times. APSEZ has continued to receive exceedingly strong participation (for its successive bond offerings) from its high-quality real money investors across all geographies.

This issuance establishes the Adani Group as an issuer with the ability to access international capital markets across all market cycles. APSEZ is the only infrastructure company in India to raise 20 years money from international markets, an achievement that underscores the strength of the company’s unique business model and strong fundamentals as well as APSEZ’s commitment to ESG and the UN Sustainability Development Goals.

Within the Adani portfolio, APSEZ is the third issuer of long tenor bonds after energy utilities Adani Green Energy Ltd (‘AGEL’) and Adani Transmission Ltd (‘ATL’).

Having issued the long tenor bond in developed markets, APSEZ has elongated the debt maturity to over 7 years from 6 years. APSEZ’s natural hedge through its foreign currency earnings allows the company to manage its foreign currency exposure. This issuance has also reconfigured the ratio of APSEZ’s debt from overseas investors from 69% to 73%.

Karan Adani, CEO and Whole Time Director of APSEZ, said, “APSEZ is proud of being India’s first infrastructure company to raise $750 million of dual tranche 10.5-year and 20-year unsecured bonds in global capital markets. This issuance reflects the confidence international financial markets have in the fundamentals of the Adani Group’s business model and its ability to execute.”

“It further demonstrates our ability to mobilise global resources commensurate with our long asset life and is a part of our capital management program to lock lower interest rates over an extended tenor and extend debt maturity. The reduced cost of capital will translate into greater capital efficiency as well as enhanced shareholder returns.”

Following this issuance, APSEZ has raised the national bar for issuing long tenor bonds and has established a robust financial foundation that will help continue support the development of large infrastructure assets.

The JLMs to the transaction were Axis Bank, Barclays, Citigroup, DBS Bank, Emirates NBD, JP Morgan, Merrill Lynch, Mizuho Securities, MUFG Securities, SMBC Nikko, and Standard Chartered Bank.

Business

Equity indices trade lower; Sensex down by over 300 pts

Published

on

By

India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – traded lower during Monday’s early-morning session.

At 10 a.m., the 30-scrip sensitive index traded at 60,504.75 points, down 316.87 points or 0.52 per cent.

The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.

Besides, the NSE Nifty50 traded at 17,989.40 points, lower by 125.50 points or 0.69 per cent.

It opened at 18,229.50 points from its previous close of 18,114.90 points.

Continue Reading

Business

Nissan, Porsche face action over false emissions information

Published

on

By

South Korea’s antitrust regulator has decided to order Nissan Motor, Porsche AG and their two Korean units to take corrective steps for falsified information over gas emissions of their diesel cars.

Nissan Motor, Nissan Korea, Porsche and Porsche Korea are alleged to have stated false information about gas emissions of their diesel vehicles imported for sale in South Korea, according to the Korea Fair Trade Commission (KFTC).

The KFTC also decided to impose a fine of 173 million won ($146,700) only on Nissan Korea, reports Yonhap news agency.

Illegal software installed in their cars caused gas emission reduction devices to not fully operate during normal driving conditions.

The practice meant that the cars did not meet permissible emission levels, but the automakers falsified such facts in signs attached to their cars, according to the commission.

In September, the regulator fined Audi-Volkswagen Korea and Stellantis Korea a combined 1.06 billion won for similar allegations over gas emissions.

Continue Reading

Business

Fuel price hike paused after 5 days of increase

Published

on

By

The price hike of petrol and diesel paused on Monday after increasing for the last five days to reach their highest-ever levels across the country.

Accordingly, the pump price of petrol in Delhi remained at Rs 107.59 a litre, while diesel prices also stood at Sunday’s level of Rs 96.32 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, where petrol prices increased to Rs 113.47 per litre and diesel to Rs 104.47 a litre, the highest among all metros, there was no further hike in the retail rates on Monday.

The fuel prices remained static on October 18 and 19, but increased for a fourth straight day by 35 paise per litre previously before again rising for five consecutive days between October 20 to 24. There was no change in rates on October 12 and 13.

Diesel prices have now increased on 24 out of the last 31 days, taking up its retail price by Rs 7.80 per litre in Delhi.

Due to the sharp hike, the fuel is now available at over Rs 100 a litre in several parts of the country.

This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week.

The rates increased on 21 of the previous 27 days taking up the pump price of petrol by Rs 6.40 per litre.

Crude price has been on a surge rising over a three-year high level of over $86 a barrel as global demand remains firm while OPEC+ continues to move s lowly on increasing production.

Since September 5, wthe price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

Continue Reading

Trending