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Adani Group

Two major companies of the Adani Group have together raised about US $ 27.5 million (about Rs 2,400 crore) from international banks. This money has been taken as a foreign currency loan. Adani Airport Holdings Limited has raised around $ 150 million. According to an Economic Times report, this loan has been taken from big banks like Barclays, DBS Bank, First Abu Dhabi Bank and Mitsubishi UFJ Financial Group.

This is a syndicated loan i.e. many banks have given this money to Adani Units together. According to the ET report, this loan is for 4 years and its interest rate is about 300 basis points higher than the SOFR (secured overnight finance rate).

Port unit gets $ 12.5 million

On the other hand, Adani Ports and Special Economic Zone Limited has raised an amount of $ 12.5 million. This is a biltil deal with Mitsubishi UFJ Financial Group. The terms of this loan are also almost the same, its duration is 4 years old and the interest rate is 215 basis points higher than SOFR.

Where will this money be spent?

The main objective of this funding is to repay the dollar bond buyback i.e. old debt and to expand the investment and ability to the capital expandation.

In the last six months, the Adani Group has signed a new credit facility of about $ 10 billion. This is about one third of his total debt. Due to this, S&P Global Ratings have recently given positive outlook regarding the rating of three companies of Adani Group. He explained the reason for Adani's access to a better loan.

The company has raised funds before

In the month of June, Mumbai International Airport Limited, run by Adani Airport, raised $ 75 million from Apollo Global Management and other investors. Along with this, there was also an additional funding facility of $ 25 million, which can be used for the expansion and upgradation of the airport.