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Adani Airport Holdings Ltd (AAHL) is planning to raise up to INR 1,500 crore by issuing three-year bonds at an 8.45% interest rate, with quarterly payouts. The proposed bond sale aims to consolidate debt across six of AAHL's airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram, and includes a restriction on additional borrowing, according to people familiar with the matter. India Ratings has assigned an AA- rating to the issue. AAHL has previously used non-convertible debentures for capital expenditure and continues to access the domestic debt market as activity picks up.
Adani Airport Holdings Ltd (AAHL) is seeking to raise up to INR 1,500 crore through the sale of three-year bonds priced at an 8.45% interest rate, with interest paid quarterly, according to sources familiar with the plan. The proposed bond issue would be structured at the restricted group level and will cover six airports that AAHL operates in major and state capital cities including Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram. India Ratings has assigned an AA- rating to the potential bond issuance. Advertisement
The fund-raising effort is part of a broader revival of activity in the Adani Group's domestic debt market following weaker issuance in recent years. These airports together handle around 39 million passengers annually, and their combined capacity is forecast to roughly double by fiscal 2030, according to a report cited by industry analysts.
AAHL has previously issued non-convertible debentures (NCDs) totalling INR 400 crore in the last two financial years, with maturities stretching between 2027 and 2029. Those earlier issues were used to support capital expenditure needs. The new proposed bond sale would add to the company's ability to manage its financing obligations while supporting ongoing investments in airport operations and infrastructure.
Commentators note that AAHL's planned move back into the domestic bond market reflects renewed investor confidence and improving conditions for corporate borrowing in India. Domestic fundraising by group companies had been subdued during periods of market turbulence, but recent activity suggests lenders and investors are taking a more favourable view of well-rated issuers.
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