Andhra Pradesh State Beverages Bonds
No Andhra Pradesh State Beverages bonds are currently listed across the Indian bond platforms RightBonds tracks as of Sept 2026. An issuer's paper leaves the listings once it is fully subscribed or redeemed, and this page is rebuilt daily from live data, so check back. Browse other issuers below to see what is available today.
About Andhra Pradesh State Beverages
Andhra Pradesh State Beverages Corporation Limited (APSBCL) is a Government of Andhra Pradesh company incorporated on 12 August 2015 to carry on wholesale and retail trade in alcohol on behalf of the state, with business activity commencing in May 2016. It is fully owned by the state government and is the sole liquor distribution agent for Andhra Pradesh, operating through 29 wholesale depots. Under the liquor policy effective 12 October 2024, retail sale of liquor has been handed to private players while the wholesale liquor business remains APSBCL's exclusive privilege. The corporation's bonds carry an unconditional and irrevocable pre-default guarantee from the Government of Andhra Pradesh, and are further supported by a structured payment mechanism in which pledged net revenue from liquor sales flows into escrowed bond servicing accounts, with a pre-funded two-quarter debt service reserve account maintained in favour of the debenture trustee. India Ratings rates the non-convertible debentures IND AA(CE) with a Stable outlook, with an unsupported rating of IND A, and expects the pledged revenue to cover debt service payments by at least 1.3 times. The corporation reported total income of Rs 13,982 crore in FY25.
Rated by India Ratings. Source: rating rationale.