Adani Transmission board approves raising Rs 5,000 crore

 Adani Transmission today said the board has approved raising Rs 5,000 crore through issue of debentures or any other permissible debt securities denominated in rupees or any other foreign currency.

PTI| Last Updated: Mar 30, 2016, 16:51 PM IST

New Delhi: Adani Transmission today said the board has approved raising Rs 5,000 crore through issue of debentures or any other permissible debt securities denominated in rupees or any other foreign currency.

"The board of directors in its meeting held on March 30, 2016 has given in-principle approval to company to raise funds up to Rs 5,000 crore or equivalent in any currencies," the company said in a BSE filing.

According to the statement, the said funds can be raised by way of offer, issue and allotment of secured or unsecured, senior or sub-ordinate non-convertible debentures or any other permissible debt securities whether denominated in Indian rupee and/or foreign currency which will be listed on any offshore stock exchanges.

The company said the proceeds of the notes (bonds) will be utilised to refinance certain existing indebtedness and finance other working capital requirement and general corporate purposes of the company.

The company also informed BSE that it has been assigned a credit rating of 'BBB-' by Standard & Poor's, 'BBB-(emr)(EXP)' by Fitch Ratings and '(P)Baa3' by Moody's Investor Services.

These ratings assigned by the three agencies are broadly investment grade, indicating that investors can invest in these bonds.