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Adani Group’s AICTPL raised $ 300 million, 10 times oversubscribed issue

India’s largest container terminal, Adani International Container Terminal Private Limited (AICTPL), led by businessman Gautam Adani, issued its first US $ 300 million public bonds on December 21, 2020. Investors showed great participation in this issue. It is oversubscribed 10 times. With this, AICTPL of Adani Group has raised $ 300 million.

BSE’s India International Exchange (India INX) said that Adani International Container Terminal has listed $ 300 million foreign currency bonds on its platform. The exchange said in a statement that these bonds have been listed on the Global INXI (GSM) platform of India INX at its Gift City IFSC. At the same time, the bond issuing company has raised this amount at a competitive rate of three per cent. Its maturity is in 2031.

AICTPL saw widespread participation of marquee real money investors in the issuance of their bonds, with nearly 220 accounts having 10 times more oversubscription. India INX is the major platform for listing foreign finance instruments in GIFT-IFSC. The GSM platform of India INX has become an attractive capital-raising platform since its inception in the year 2018. In this, facilities for raising funds are available as per international facility.

Joint ventures

AICTPL is India’s largest container terminal. It is a 50:50 joint venture between Adani Ports and Special Economic Zone Limited (APSEZ) and Terminal Investment Limited (TIL), the largest private-sector port operator in India. Investors were attracted by the company’s strong position, which has achieved excellent investment-grade ratings through all three international rating agencies. Karan Adani, CEO of APSEZ said, ‘This group is in line with the capital management philosophy of the group. Our relationship with TIL is very important. Sets the benchmark for another group joint venture and subsidiary companies for the capital market.

At the same time, TIL CEO Ammar Kanaan said, “Our relationship with Adani is a classic example of a commercial partnership based on the core principles of trust, transparency and respect. AICTPL occupies an important position in the terminals of our entire portfolio. India is a strategic location for our investment and we look forward to great opportunities going forward.” AICTPL, the promoter APSEZ is the largest private sector port operator in India, while TIL is the sixth-largest container terminal operator in the world and owned by MSC, the world’s second-largest container shipping liner.