The board of directors of Adani Ports and Special Economic Zone Limited (APSEZ) approved raising funds up to Rs 5,000 crore via public issuance of non-convertible debentures of face value of Rs. 1,000 each amounting up to Rs. 5,000 crore through one or more tranches, the company informed stock exchanges on January 3.
"...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.
The company operates 13 ports and terminals in India including its largest container handling port, Mundra in Gujarat.
Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend seven trillion rupees over the next decade on infrastructure projects.
Adani Ports and Special Economic Zone is looking to handle over 400 metric tonnes (MMT) of cargo volumes in the current financial year 2023-24, surpassing the upper end of the guidance range of 370-390 MMT provided at the start of the year. In December 2023, the company reported in its exchange filing that its cargo volumes increased 42 percent year-over-year (YoY) to 35.65 MMT.
The Supreme Court on January 3 disposed of petitions filed on the Hindenburg issue to initiate a Special Investigation Team (SIT) or CBI probe. The top court’s verdict comes over a month after it reserved its judgment in November on a batch of petitions regarding the allegations of stock price manipulation by the Adani Group.
Meanwhile, in a board meeting held today, the ports and logistics arm of the Adani group announced a rejig in its top brass, with the company's chairman and managing director Gautam Adani being redesignated as its executive chairman.
Karan Adani, the company's incumbent chief executive officer, has been redesignated as the MD, whereas, Ashwani Gupta has been named as the new CEO.
In the trading session on January 3, the scrip settled at Rs 1093.50 apiece at the BSE, which was 1.39 percent higher (or Rs 14.95) as against the previous day's close.
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