Adani Ports & SEZ board approves Rs 5,000 NCD issue and restructures board; stock zooms ~2.5%

4 Jan 2024 , 01:26 PM

The board of directors of Adani Ports and Special Economic Zone Limited (APSEZ) approved raising funds up to Rs 5,000 crore through the public issuance of non-convertible debentures with face values of Rs 1,000 each, in one or more tranches, the company announced on January 3.

We would like to notify you that on January 3, 2024, the board of directors of Adani Ports and Special Economic Zone Limited ((Company) approved the following resolution: Authorization for the procurement of funds through a public offering of secured, rated, listed, redeemable, non-convertible debentures with a face value of Rs 1,000 each, totaling up to Rs 5,000 crore, to be conducted in one or more phases in compliance with relevant regulations (Issue),” said the company.

In India, the firm manages 13 ports and terminals, including its largest container handling port in Gujarat, Mundra. Adani Group firms are beginning to seek finance for capital expenditure, with plans to invest seven trillion rupees in infrastructure projects over the next decade.

In addition, the business announced board reorganisation, with Gautam Adani renamed executive chairman, Karan Adani made MD, and Ashwani Gupta as CEO.

At around 1.03 PM, Adani Ports was trading 2.18% higher at Rs 1,118.15 per piece, against the previous close of Rs 1,094.25 on NSE. The counter rose to an intraday high of Rs 1,103.55.

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