Gautam Adani-led conglomerate's Adani Ports and Special Economic Zone (APSEZ) has sold the first tranche of its Rs 6,000 crore rupee-denominated Non-Convertible Debentures, announced on May 22.
According to a report by Reuters, public sector insurance giant Life Insurance Corporation of India (LIC) has purchased the entire issue. Citing sources, the agency reported that the company raised Rs 5,000 crore (approximately $585.33 million) through bonds maturing in 15 years, offering an annual coupon of 7.75%.
Reuters noted that these bonds were issued at the lowest spread over the corresponding government bond yield in the last seven years. On May 23, the Indian government re-issued dated securities worth Rs 27,000 crore, divided into two tranches: Rs 15,000 crore of 6.75% bonds maturing in 2029, and Rs 12,000 crore of 7.09% bonds maturing in 2054.
Adani Group's Rupee Debt
This latest bond sale marks Adani Ports' largest rupee-denominated offering and its first return to the market since January 2024, following a period of reduced activity after Hindenburg Research’s 2023 allegations of stock manipulation.
According to ratings agencies, as of April 2025, Adani Ports had outstanding bonds worth around Rs 6,250 crore.
In January 2024, the company raised Rs 250 crore each through five- and ten-year bonds, with coupon rates of 8.70% and 8.80%, respectively. Last week, its board approved plans to raise up to Rs 6,000 crore through additional bond issuances. These bonds have been rated AAA by Crisil and Care Ratings.
With this latest issuance completed, more Adani Group companies are reportedly expected to tap into the local debt market, especially as bond yields are projected to decline due to anticipated RBI rate cuts and surplus liquidity.
As of January 2024, LIC was the largest bondholder in Adani Ports, with holdings of about Rs 5,400 crore, according to the information memorandum for the January debt issue.
