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Time of India
3 days ago
- Business
- Time of India
Adani Ports taps its largest ever domestic bond
ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT AdPorts and Special Economic Zone (APSEZ) on Friday announced it has successfully raised Rs 5,000 crore through a 15-year Non-Convertible Debenture NCD ).Backed by APSEZ's strong financials and a 'AAA/Stable' domestic credit rating , the issue locked in a competitive coupon rate of 7.75 per cent per cent, and was fully subscribed by LIC, the Adani Group company said in a are long-term financial instruments that companies issue to raise more money from debentures will be listed on the Adani Group company claimed that the NCD issue shows APSEZ's deep access to long-term capital from diversified sources at attractive pricing and significantly enhances APSEZ's debt maturity added that the transaction highlights APSEZ's access to domestic markets for its longest tenure issuance to date, and one of the longest in Indian capital markets proceeds will fund a proposed buyback of APSEZ's US Dollar bonds, pending board approval on May 31, 2025.A full subscription would extend the average debt maturity significantly longer, from 4.8 years to 6.2 years."This isn't merely a financing exercise; it's a proactive execution of a meticulously developed Capital Management Plan for APSEZ, focused on maintaining conservative leverage, extending the debt maturity profile, lowering cost, and diversifying funding sources. This plan is designed to support APSEZ with its long-term vision to become the world's largest integrated transport utility," said Ashwani Gupta, Whole-time Director and CEO, has set a target of handling 1 billion tonnes of cargo by 202-30, more than 2x the 2024-25 has seven strategically located ports and terminals on the west coast and eight on the East coast, representing 27 per cent of the country's total port extensive network provides capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. Beyond India, the company is developing a transhipment port at Colombo, Sri Lanka, and operates the Haifa Port in Israel and Container Terminal 2 at Dar Es Salaam Port, Tanzania, significantly enhancing its international presence. (ANI)
India.com
3 days ago
- Business
- India.com
Gautam Adani hits jackpot as LIC invests Rs 50000000000 in this company of Adani, name is..
Masterstroke by Gautam Adani as Adani Group deploys India's first..., it is capable of... India's largest public sector insurer, LIC, has fully subscribed to a Rs 5,000-crore non-convertible debenture (NCD) issue of Adani Ports and Special Economic Zone, reported Economic Times. This move reflects Adani Ports' ongoing strategy to replace costly short-term loans with more affordable, long-term debt as part of its broader financial streamlining efforts. Issued on Thursday, the 15-year bond carries an annual interest rate of 7.75%. This makes it one of the longest-tenure domestic bonds raised by the Adani Group in recent months. According to a report by The Economic Times, LIC is the sole buyer of this bond. LIC already holds an 8.06% stake in Adani Ports. The funds raised from this bond will be used by the company for new investments, repaying existing debt, and other business needs. Gautam Adani's group is working to extend its loan repayment timelines and reduce borrowing costs. Due to strategic refinancing efforts, the group's average borrowing cost dropped to 7.92% in FY25, down from 9.02% in the previous year. As reported by The Economic Times, the head of fixed income at a domestic brokerage said, 'This deal shows LIC is taking large exposure to corporate bonds.' Backed by APSEZ's strong financials and a 'AAA/Stable' domestic credit rating, the issue locked in a competitive coupon rate of 7.75 per cent per cent, and was fully subscribed by LIC, the Adani Group company said in a are long-term financial instruments that companies issue to raise more money from investors. The debentures will be listed on the Adani Group company claimed that the NCD issue shows APSEZ's deep access to long-term capital from diversified sources at attractive pricing and significantly enhances APSEZ's debt maturity profile. It added that the transaction highlights APSEZ's access to domestic markets for its longest tenure issuance to date, and one of the longest in Indian capital markets proceeds will fund a proposed buyback of APSEZ's US Dollar bonds, pending board approval on May 31, 2025.
Time of India
3 days ago
- Business
- Time of India
Adani Ports taps its largest ever domestic bond - Rs 5,000 crore 15-year NCD
AdPorts and Special Economic Zone has secured Rs 5,000 crore through a 15-year Non-Convertible Debenture. The issue was fully subscribed by LIC at a competitive rate. This move enhances APSEZ's debt maturity profile. The proceeds will fund a proposed buyback of US Dollar bonds. APSEZ aims to handle 1 billion tonnes of cargo by 2029-30. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads AdPorts and Special Economic Zone (APSEZ) on Friday announced it has successfully raised Rs 5,000 crore through a 15-year Non-Convertible Debenture NCD ).Backed by APSEZ's strong financials and a 'AAA/Stable' domestic credit rating , the issue locked in a competitive coupon rate of 7.75 per cent per cent, and was fully subscribed by LIC, the Adani Group company said in a are long-term financial instruments that companies issue to raise more money from debentures will be listed on the Adani Group company claimed that the NCD issue shows APSEZ's deep access to long-term capital from diversified sources at attractive pricing and significantly enhances APSEZ's debt maturity added that the transaction highlights APSEZ's access to domestic markets for its longest tenure issuance to date, and one of the longest in Indian capital markets proceeds will fund a proposed buyback of APSEZ's US Dollar bonds, pending board approval on May 31, 2025.A full subscription would extend the average debt maturity significantly longer, from 4.8 years to 6.2 years."This isn't merely a financing exercise; it's a proactive execution of a meticulously developed Capital Management Plan for APSEZ, focused on maintaining conservative leverage, extending the debt maturity profile, lowering cost, and diversifying funding sources. This plan is designed to support APSEZ with its long-term vision to become the world's largest integrated transport utility," said Ashwani Gupta, Whole-time Director and CEO, has set a target of handling 1 billion tonnes of cargo by 202-30, more than 2x the 2024-25 has seven strategically located ports and terminals on the west coast and eight on the East coast, representing 27 per cent of the country's total port extensive network provides capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. Beyond India, the company is developing a transhipment port at Colombo, Sri Lanka, and operates the Haifa Port in Israel and Container Terminal 2 at Dar Es Salaam Port, Tanzania, significantly enhancing its international presence. (ANI)
Time of India
4 days ago
- Business
- Time of India
ITI shares surge over 18% in two days after Q4 loss narrows sharply
Shares of ITI surged more than 18% over the past two trading sessions after the company reported a sharp reduction in its quarterly loss. On Thursday, the stock rose 7.6% to ₹365.9 on the state-run company nearly turned profitable in the March quarter, posting a net loss of just ₹4.4 crore compared to ₹238.8 crore in the same period last year. The improvement was supported by an exceptional gain of ₹62.41 is the closest ITI has come to profitability since March 2022, when it reported a net profit of ₹356 rose 74% year-on-year to ₹1,045.7 crore, up from ₹601 crore in the corresponding quarter last year. EBITDA loss also narrowed significantly to ₹28.2 crore, from a loss of ₹173.8 crore in the year-ago period. ITI remains a tightly held PSU stock, with the government owning a 90% stake as of the March quarter. Of the remaining public shareholding, the Special National Investment Fund holds 7.9%, resulting in a limited free float. While ITI shares have gained 46% over the past three months, they are down 6% so far in 2025. The company's market capitalisation currently stands at ₹34,673 crore.
Economic Times
5 days ago
- Business
- Economic Times
Scoda Tubes IPO subscribed 89% so far on day 1. Check GMP, reviews, other details
Scoda Tubes IPO: As of around 12:45 pm today, the highest subscription came from qualified institutional buyers (QIBs), who subscribed 1.37 times the allotted quota. They were followed by non-institutional investors (NIIs) at 77% and retail investors at 67%. Tired of too many ads? Remove Ads Scoda Tubes GMP Should you subscribe Scoda Tubes IPO? Tired of too many ads? Remove Ads Scoda Tubes IPO key dates Scoda Tubes IPO details Scoda Tubes financial performance The initial public offering (IPO) of Scoda Tubes, which opened for subscription on May 28, witnessed an overall subscription of 89% so far on the first day of the bidding highest subscription was witnessed by the qualified institutional buyers (QIBs), who subscribed to the issue by 1.37 times around 12:45 pm today. This was followed by the non-institutional investors (NIIs) and retail investors, who stood at a subscription of 77% and 67% stainless-steel tubes and pipes manufacturer plans to raise Rs 220 crore entirely through a fresh issue of shares, priced in the range of Rs 130–140 per share. The company is offering between 1.57 crore and 1.69 crore shares and will be listed on both the NSE and shares of Scoda Tubes are trading at a premium of Rs 18-20 in the unlisted market, making them trade at a grey market premium (GMP) of 12.86%.Brokerage firm Canara Bank Securities has recommended a 'SUBSCRIBE' rating for long-term investors. It noted that the company's technical expertise, rising export share, asset-backed expansion, and sector tailwinds position it well for scalable growth. While the IPO is priced at a P/E of 30.43x and a P/B of 8.76x -- broadly in line with industry peers -- investors should be mindful of cash flow concerns and customer concentration at Anand Rathi stated they believe that the company's key differentiator is its manufacturing process of its crucial raw material which enables backward integration, enabling Scoda Tubes to exercise greater control over production costs, reduce dependence on third-party suppliers, and improve overall operational the issue is fully priced, they gave a 'Subscribe for long term' rating for the summary, investors with a long-term view looking to tap into India's industrial and export manufacturing story may consider subscribing to Scoda Tubes issue and will close on May 30 and the allotment is expected to be finalized by June 2, and the stock is likely to debut on the exchanges on June company, incorporated in 2008, specializes in manufacturing stainless-steel seamless and welded tubes, which are supplied to key sectors including oil & gas, chemicals, power, railways, and operates out of Mehsana, Gujarat, with backward integration through a hot piercing mill, and has a growing export presence across 11 countries. In the first nine months of FY25, export revenue accounted for over 28% of total the company has delivered strong performance over the years. Revenue nearly doubled from Rs 194 crore in FY22 to Rs 400 crore in FY24, while profit after tax rose significantly from Rs 1.63 crore to Rs 18.3 crore during the same period. The EBITDA margin improved markedly from 5.15% in FY22 to 14.7% in FY24, and return on equity (RoE) reached an impressive 28.77%.However, Scoda's cash flow efficiency remains a concern. Despite the sharp rise in revenue and profitability, cash generated from operations in FY24 was limited to just Rs 2.26 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
