Company considers dollar bond buyback on strong cash flow

LIFE INSURANCE CORPORATION of India is the sole buyer in Adani Ports & Special Economic Zone's record ₹5,000 crore ($585 million) bond sale, according to people familiar with the matter.

- SAIKAT DAS & DIVYA PATIL

The company will issue a 15-year bond with a coupon of 7.75%, the people said, asking not to be identified as the information is private. The firm will use the proceeds for capital expenditure and refinancing existing dollar debt, they said.

Investment by India's largest state-owned insurer in the rupee bond shows investors are steadily regaining confidence in the conglomerate after US Department of Justice indicted billionaire Gautam Adani over an alleged bribery plot in November, charges the group has denied.