Adani Ports to raise $1.25 bn through dollar bonds to pay existing debt

Adani Ports and Special Economic Zone (APSEZ) Ltd has approved the issuance of US dollar-denominated foreign currency bonds to raise nearly 1.25 billion dollars (about Rs 9,357 crore).

They will be issued in one or more tranches overseas and listed in any one or more stock exchanges in India or overseas, the company said in a statement.

"The proceeds of bonds will be used to repay its existing indebtedness and the indebtedness of its subsidiaries and other permissible end uses," it said.

APSEZ Ltd said the bonds will be issued on a private placement basis or otherwise to eligible persons, entities, bodies corporate,