Adani Transmission on Thursday said its arm Adani Electricity Mumbai Ltd (AEML) has raised USD 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 USD 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 USD 1 billion 3.949 per cent 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 per cent of the bonds, alongside 43 per cent allocation to Asia and 28 per cent 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.
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The order-book at USD 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.
The placement consists of a 10-year paper with a bullet maturity. The proceeds will be used to repay existing rupee denominated indebtedness of AEML and for general corporate purposes if any, in each case subject to compliance with applicable laws and regulations and as permitted by the RBI under ECB guidelines.
Barclays, Citigroup, DBS Bank, Deutsche Bank, Emirates NBD Capital, J.P. Morgan, MUFG, and Standard Chartered Bank were joint book-runners and lead managers.
BofA Securities, Credit Suisse, and Mizuho Securities were the joint lead managers.