JNPT seeks Sebi nod to raise up to Rs 2,000 cr via bonds

Country's largest container port Jawaharlal Nehru Port Trust (JNPT) has sought capital market regulator Sebi's approval to raise up to Rs 2,000 crore through tax free bonds.

In its draft prospectus with Sebi, JNPT said it would garner "up to Rs 500 crore with an option to retain over- subscription up to Rs 1,500 crore such that the overall issue size does not exceed Rs 2,000 crore".

"The net issue proceeds raised through this issue are proposed to be utilised primarily for the purpose of dredging works for deepening and widening of the Mumbai harbour channel and JN Port's navigational channel and capital expenditure for other projects in relation to the port operations," JNPT said.
    
Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets are the lead managers, while Bigshare Services is the registrar to the issue.

The shipping ministry controlled entity handles nearly 60 percent of the country's total container traffic.
    
In January, the Finance Ministry has given its nod to JNPT along with Dredging Corporation of India (DCI) and Ennore Port, to collectively raise Rs 3,500 crore from tax free bonds.

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Earlier this month, Ennore Port had approached Sebi's for approval to raise up to Rs 1,000 crore by issuance of tax-free bonds to support its financing activities.