Adani Group’s airport operating unit, Adani Airport Holdings is said to be planning a $500mn capital raise via the sale of FCCBs (Term of the day, explained below), as per ET sources. Proceeds from the sale are expected to be used towards accelerating the modernization of airports in the Indian cities of Ahmedabad, Lucknow and Mangaluru. Sources added that the issuance is likely to have a tenor of 5Y and the company is looking to raise $350-500mn via the sale, expected to launch in the next two weeks. Standard Chartered, Deutsche Bank, MUFG and Barclays are the leads on the proposed debut offshore issuance, which is expected to have a high yield rating as per the ET. Adani Airport is a subsidiary of Adani Enterprises that has the mandate to modernize and operate six Indian airports (Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, Thiruvananthapuram) for 50 years via a tendering process by the Airports Authority of India. The company also acquired a majority stake in the Mumbai International Airport, taking control in July. It also has the mandate to develop a greenfield international airport in Navi Mumbai.
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