Adani Transmission plans to raise Rs 500 crore via offshore Masala bonds

Adani Transmission, a part of diversified Adani Group, is planning to raise Rs 500 crore through offshore rupee-denominated Masala bonds. The company has signed a purchase agreement with Credit Suisse AG, Singapore Branch, for its Indian rupee denominated Masala bond of Rs 500 crore with a coupon of 9.10 per cent senior secured notes due 2021 payable in US dollars (the Notes) to be alloted through a private placement offer to investors outside India and the United States. 

The proceeds of the notes will be utilized in accordance with the guidelines issued by the Reserve Bank of India (RBI). The notes will be listed on the Singapore Exchange Securities trading (SGX). Moody's Investors Service has assigned a provisional (P) Baa3 rating to the notes.

Adani Transmission is engaged in providing establishing, commissioning, operating and maintaining electric power transmission systems in India. It offers operation and maintenance (O&M) support services. Adani Transmission operates as a subsidiary of Adani Enterprises.