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Business News/ Markets / Stock Markets/  Adani Ports board approves raising up to 5,000 crore via non-convertible debentures

Adani Ports board approves raising up to ₹5,000 crore via non-convertible debentures

These debentures, each with a face value of Rs. 1,000, are set to be issued in one or more tranches, the company informed the exchange houses.

Adani Ports and SEZ (Bloomberg)Premium
Adani Ports and SEZ (Bloomberg)

Adani Ports and Special Economic Zone Limited (APSEZ), on January 3, announced that its board of directors had granted approval for the mobilization of funds, with a cap of 5,000 crore, through a public issuance of non-convertible debentures. These debentures, each with a face value of Rs. 1,000, are set to be issued in one or more tranches, the company informed the exchange houses.

“We wish to inform you that the board of directors of Adani Ports and Special Economic Zone Limited (“Company") has at its meeting held on 3rd January, 2024, approved the following: 1. Raising of funds by way of public issuance of secured, rated, listed, redeemable, non-convertible debentures of face value of Rs. 1,000 each amounting up to Rs. 5,000 crores through one or more tranches in accordance with applicable laws (“Issue")," the company said in its exchange filing on Wednesday.

Also read: Adani-Hindenburg Case Verdict: Adani Group stocks rally up to 12%; overall m-cap jumps over 15 lakh crore

The company manages a network of 13 ports and terminals across India, with its largest container handling port located in Mundra, Gujarat.

Adani Group entities are initiating efforts to secure funds for capital expenditure, with ambitious plans to invest seven trillion rupees in infrastructure projects over the next decade.

Adani Ports and Special Economic Zone aims to handle a cargo volume exceeding 400 metric tonnes (MMT) in the current fiscal year 2023-24, surpassing the upper limit of the initially provided guidance range of 370-390 MMT. In its December 2023 exchange filing, the company disclosed a remarkable 42 percent year-over-year (YoY) increase in cargo volumes, reaching 35.65 MMT.

Also read: Adani stocks rally as SC ruling wins back confidence of investors

On January 3, the Supreme Court concluded its review of petitions related to the Hindenburg issue, opting not to initiate a Special Investigation Team (SIT) or CBI probe. This decision comes more than a month after the court reserved its judgment in November, addressing a series of petitions concerning allegations of stock price manipulation by the Adani Group.

Simultaneously, in a recent board meeting, the Adani Group's ports and logistics division unveiled a restructuring in its top leadership. Gautam Adani, the current chairman and managing director, will now assume the role of executive chairman. Karan Adani, the current chief executive officer, has been redesignated as the managing director, while Ashwani Gupta is appointed as the new CEO.

During the trading session on January 3, the stock concluded at 1093.50 per share on the BSE, marking a 1.39 percent increase (or 14.95) compared to the previous day's closing price.

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Published: 03 Jan 2024, 08:04 PM IST
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