Adani Group Firm Adani Ports To Raise $600 Million Via Issuance Of Non-Convertible Debentures

Gautam Adani-led firm Adani Ports and Special Economic Zone said on Tuesday it will raise Rs 50 billion ($599.8 million) via issuance of non-convertible debentures (NCDs) and Rs 2.5 billion through non-cumulative redeemable preference shares.

Adani Ports is India's largest private port operator which operates 13 ports and terminals in the country including its largest container handling port, Mundra in the western Indian state of Gujarat, said a majority of the funds issued will be used for for capex/refinancing of existing debt and general corporate purpose.

Adani Group companies have embarked on a journey to raise funds for capital expenditure, and have plans to spend Rs 7 trillion in the next ten years on infrastructure projects.

Meanwhile, The Economic Times reported last week that the company is in the initial phase of discussion to acquire real-estate conglomerate Shapoorji Pallonji Group's (SP Group) Gopalpur port in Odisha for approximately Rs 1,100-1,200 crore in equity value. As per the report, if the acquisition deal goes through, Gopalpur Ports will be APSEZ's sixth acquisition of a multi-purpose facility on the eastern coast.

On Wednesday, Adani Ports shares were up 0.19% at Rs 1044.00 per share at 1:28 pm IST.

Shares in Adani Ports have more than doubled from the multi-year lows hit after Hindenburg's January 24 report. In this year so far, the stock has gained 27.21%. In the last one year, the returns from the stock have gained 16.83%. The last 2 years and 3-year returns from the stock are up 37.97% and 124.39% respectively.

After over a week-long rally, the share price of Adani Total Gas today fell 8% at Rs 1023.45 per share at 1:47 pm IST.

Most Adani group stocks traded lower today. Adani Enterprises shares were up 0.12% at Rs 2860.75 per share at 1:48 pm IST, Adani Energy Solutions Shares were down 5.34% at Rs 1031.00 per share and Adani Green Energy stock price was down over 3% at 1414.95 per share.