Adani Airport Holdings is raising up to $500 million (about Rs 3,690 crore) through an overseas bond sale, as it accelerates the modernisation of the airports in Ahmedabad, Lucknow and Mangaluru amid a resurgence in air traffic due to the opening up of the economy.
The final amount could be anything between $350 million and $500 million depending on the requirement, pricing and subscription demand, three people familiar with the matter said.
The Adani Group company, which has the mandate to operate and modernise these airports, may launch the bond sale in the next two weeks. The paper is likely to have a five-year maturity.
“The bond sale was expected this week, but it has been pushed due to the Evergrande crisis,” one of the people told ET, referring to the Chinese real estate group’s failure to pay interest on its huge debt.
Standard Chartered, Deutsche Bank, MUFG and Barclays are among the banks helping the company raise international money.