July 13 (AZINS) Adani Ports and Special Economic Zone (APSEZ) said Friday its board has approved raising up to $700 million through foreign currency bonds.

On July 9, the company had said a meeting of the company's board of directors will be held on Friday (July 12) to consider raising funds by way of issuance of the dollar-denominated foreign currency bonds which may be issued in one or more tranches overseas.

"Board of directors of Adani Ports and Special Economic Zone Ltd (the Company) at its meeting held on July 12, 2019, has approved issuance of USD denominated foreign currency bonds (bonds) which may be issued in one or more tranches overseas, and that may be listed in any one or more stock exchanges in India or overseas," APSEZ said in a BSE filing.

The proceeds of the bonds will be used for the refinancing of existing notes due in 2020 and other permissible end uses in accordance with applicable laws including Reserve Bank of India guidelines, it said. "The total amount raised will not exceed $700 million." It further said the bonds will be issued on a private placement basis or otherwise, to eligible persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the bonds under applicable laws.

Last month, APSEZ had announced plans to raise $750 million to fund its capital expenditure requirement and also to retire some of its debt.

"The finance committee of Adani Ports and Special Economic Zone Ltd has approved the issuance of fixed-rate senior unsecured notes aggregating to $750 million and has approved the pricing, tenure and other terms of the notes," it had said in a regulatory filing.

The company had said it intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for purposes, and the remainder for repaying existing indebtedness.