By CNBCTV18.com Jan 28, 2022 12:48:45 PM IST (Published)
Mumbai International Airport Ltd, Jindal Steel and Power Ltd, Vedanta Resources and Sukhbir Agro Energy have put on hold their plans to float dollar bonds issues overseas after the US Fed said it would raise rates beginning March.
Volatility in the US bond market consequent to the US Federal Reserve’s decision to raise interest rates more aggressively this year to control inflation has led several Indian firms to shelve their plans on global bond issuances of about $3 billion, a move that could impact investor appetite for bonds in the short term, The Economic Times reported.
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Mumbai International Airport Limited (MIAL), Jindal Steel and Power Limited, Vedanta Resources and Sukhbir Agro Energy that were at various stages of progress for their dollar bond issues, have put their plans on hold, the business daily reported quoting unnamed sources.
Jindal Steel and Power Limited and Sukhbir Agro Energy were working on issuing $500 million each with investment banks and law firms like Khaitan and Co and Cyril Amarchand Mangaldas, but have now put their plans on the backburner.