The company intends to use the funds for capex, refinancing of its existing debt and general corporate purposes, APSEZ said in a stock exchange update.
Adani Ports and Special Economic Zone (APSEZ), India’s largest private port operator, on Tuesday received board approval to raise up to Rs 5,250 crore through issuance of bonds and preference shares.The Adani Group company would issue non-convertible debentures (NCDs) of up to Rs 5,000 crore in one or more tranches on a private placement basis. The company intends to use the funds for capex, refinancing of its existing debt and general corporate purposes, APSEZ said in a stock exchange update.
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The debentures would be listed on the BSE or the National Stock Exchange, while the tenure, date of allotment and maturity would be determined at the time of issuance. Further, APSEZ also received board approvals to issue non-cumulative redeemable preference shares of up to Rs250.2 crore in one or more tranches on a private placement basis.
These preference shares are redeemable after seven years from the date of allotment or for an early redemption, it said.Separately, APSEZ will redeem 2.5 million non-cumulative redeemable preference shares (NCRPS) on March 28, 2024, which is part of the 2.81 million shares issued in 2004.APSEZ has six ports and terminals on the west coast (Mundra, Dahej, Tuna and Hazira in Gujarat, Mormugao in Goa and Dighi in Maharashtra) and five ports and terminals on the east coast (Dhamra in Odisha, Gangavaram, Krishnapatnam in Andhra Pradesh and Kattupalli and Ennore in Tamil Nadu).The move comes at a time when Adani Group companies were looking to raise funds.
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Earlier on December 5, Adani Green Energy (AGEL), its renewable energy arm, had raised a follow-on funding of $1.36 billion from eight global banks.On October 20, Adani Cements, the holding company of Adani Group’s cement firms, had completed restructuring of $3.5-billion debt incurred for the acquisition of Switzerland-based Holcim Group’s stake in ACC and Ambuja Cements. The restructuring of the debt – which was raised from a clutch of global banks — was conducted through a special purpose vehicle, Endeavour Trade and Investment.
Adani Group’s infrastructure companies had earlier announced investment of more than `7 trillion over the next decade to consolidate its position as the largest infrastructure player in India.Shares in APSEZ closed up 1.03% at `1,042.05 on the BSE on Tuesday.
