Adani Airport Holdings has raised ₹19.5 billion ($232.72 million) through a domestic bond issue.

The Adani group company, which manages and develops airport infrastructure assets in the country, had invited bids from investors earlier in the day and will pay a coupon of 9.35 per cent, payable monthly for the bonds that are rated A+, three bankers said on Monday.

“Some large mutual funds were interested and apart from being the anchor investors, they have also taken some more stock on their books,” one of the bankers said.

“Private banks have also been buyers,” it added.

Axis Bank and Trust Investment Advisors were the arrangers to the issue.

SBI Equity Hybrid Fund, Aditya Birla Finance and Aditya Birla Sunlife Mutual Fund are the anchor investors and have invested ₹2.85 billion, ₹1 billion and ₹500 million, respectively, according to a term sheet seen by Reuters.

All the bankers requested anonymity as they are not authorised to talk to the media. None of the mutual funds, arrangers, nor the Adani group immediately replied to Reuters’ requests for comment.

This is the first time mutual funds have subscribed to bonds from an Adani Group company since short-seller Hindenburg Research’s report in January 2023, which the group subsequently denied.

“The whole Hindenburg episode is now behind us and investors are keen to invest in the company’s bonds again, and this is clearly visible from the aggressive rate at which the issue was sold,” a second banker said.

Reuters