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Thursday, July 25, 2024

Adani Ports to Raise $600 Million for Debt Refinancing and Expansion Plans

Adani Ports and Special Economic Zone, India’s largest private port operator, announced on Tuesday its plans to raise $599.8 million through the issuance of non-convertible debentures and 2.5 billion rupees via non-cumulative redeemable preference shares. The company, managing 13 ports and terminals across India, including the prominent Mundra port in Gujarat, specified that a significant portion of the funds generated will be allocated for the refinancing of existing debts.

As part of the Adani Group’s broader strategy, various companies within the conglomerate are initiating fundraising activities to support capital expenditure. The group aims to invest seven trillion rupees in infrastructure projects over the next decade.

Simultaneously, Adani Ports is reportedly in preliminary discussions regarding the potential acquisition of Gopalpur port in Odisha from the Shapoorji Pallonji Group for an estimated 11-12 billion rupees ($132-$144 million), as reported by The Economic Times last week.

Despite facing challenges, including the Hindenburg report that impacted its stock performance, Adani Ports’ shares have rebounded impressively, more than doubling from multi-year lows. The stock saw a nearly 1% increase in the latest trading session, contributing to a year-to-date gain of 27%.

(Note: Exchange rates mentioned – $1 = 83.3620 Indian rupees)

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