Adani Ports board approves issuance of NCDs worth ₹5,250 crore
- Adani Ports said a majority of the funds issued will be used for refinancing of existing debt.
Adani Ports and Special Economic Zone Ltd announced on Tuesday, December 12, that it will raise ₹5,250 crore by issuing non-convertible debentures and 2.5 billion rupees through non-cumulative redeemable preference shares.
The company, which operates 13 ports and terminals in the country including its largest container handling port, Mundra in Gujarat, said a majority of the funds issued will be used for refinancing of existing debt.
"We wish to inform you that the Board of Directors of the company at its meeting held on December 12, 2023 has given their in-principle approval for issuance of Non-Convertible Debentures for capex/refinancing of existing debt and general corporate purpose for an aggregate amount not exceeding ₹5,000 crore in one or more tranches on private placement basis," said Adani Ports in a regulatory filing to the stock exchanges.
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“Issuance of non-cumulative redeemable preference shares on private placement basis for an aggregate amount not exceeding ₹250.19 crore in one or more tranches on private placement basis,” added Adani Ports.
The debentures to be issued will be listed on the bourses. The tenure of the instrument, date of allotment and date of maturity will be determined from time to time at the time of issue, said the company.
Meanwhile, the Economic Times reported last week that the company in early talks to acquire real-estate conglomerate Shapoorji Pallonji Group's (SP Group) Gopalpur port in Odisha for about ₹11-12 billion ($132-$144 mln), according to news agency Reuters.
Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend seven trillion rupees over the next decade on infrastructure projects. On Tuesday, shares of Adani Ports settled 1.03 per cent higher at ₹1,042.05 apiece on the BSE.
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