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