Adani Transmission revives US private market placement after a decade

In November last year, ATL had raised bonds worth $500 million. It was priced to yield 4.295 per cent.

Adani Transmission Ltd raised $310 million in the US private placement market by placing 30-year paper last week. This was the first time in more than a decade an Indian company had managed to raise funds from the US private placement market.

In 2007, a string of Indian companies led by Indian Oil, Indian Railways, Tata Chemicals and Reliance had raised funds from the US private placement market. But since then, the American investors were reluctant to invest in the Indian paper after their bad experience with Reliance Energy paper – which lost its investment grade following a split between