Adani Transmission arm raises $1 bn via dollar bonds

New Delhi, February 6

Adani Transmission today said its arm Adani Electricity Mumbai Ltd (AEML) has raised $1 billion (over Rs 7,000 crore) by issuance of dollar bonds.

The issuance saw strong global participation leading to final order book at over $5.9 billion with participation from across 245 accounts.

“Adani Group’s move in the dollar bond market has led to amplified interest for foreign investors in the Indian utility space. AEML…has completed issuance of $1 billion 3.949% bonds with an over-subscription of 5.9x,” a statement said.

It said the issue has manifested a new juncture of development for Indian issuers.

“Our efforts to reach a broad range of investors through the 144A and Reg S format paid off as US accounts picked up 29% of the bonds, alongside 43% allocation to Asia and 28% to EMEA,” it added.

The transaction witnessed very strong participation from real money accounts including some very high quality real money names, which is evident from the well distributed investor statistics.

The order-book at $5.9 billion was the largest ever for a private infrastructure transaction in India, the company said.

As soon as the transaction was announced, orders flowed in quickly and the books were covered within the first hour itself, which led to the transaction seeing strong participation from high quality, blue-chip real money funds and asset managers, it added. PTI