Adani Transmission plans to issue foreign currency bonds

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Published: November 5, 2019 1:54:29 AM

The company will announce its financial results for the quarter ended September on November 7.

adani group, adani transmissionAdani Transmission had hit the dollar bond market in 2016 to raise 0 million via 10-year paper.

Adani Transmission on Monday said it would seek board approval on November 7 to raise funds from the foreign currency bond market to refinance its existing borrowing and use the funds for other permissible end uses.
The board of the power transmission and distribution company will also consider increasing the limit of raising funds through external commercial borrowings (ECBs) within the overall borrowing limits as approved by shareholders of the company. The board will review and approve the buyback of non-convertible debentures (NCDs) and Masala bonds as well.

Adani Transmission had hit the dollar bond market in 2016 to raise $500 million via 10-year paper. The Adani Group company had in August sought shareholders’ approval, and an authorisation of its board to raise up to Rs 5,000 crore through equity shares or other instruments.

The company will announce its financial results for the quarter ended September on November 7. Adani Transmission posted a 26% year-on-year rise in net profit on a consolidated basis to Rs 213.4 crore in the June quarter. Shares of Adani Transmission closed up 2.52%, at Rs Rs 284.45.

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