In a recent development, the board of directors at Adani Ports and Special Economic Zone Limited (APSEZ) has granted approval to raise funds up to ₹5,000 crore through public issuance of non-convertible debentures (NCDs) with a face value of ₹1,000 each. The company aims to achieve this through one or more tranches, as disclosed by the company in a statement to the stock exchanges on January 3.
The official statement from Adani Ports mentioned, “Raising of funds by way of public issuance of secured, rated, listed, redeemable, non-convertible debentures of face value of ₹1,000 each amounting up to ₹5,000 crores through one or more tranches in accordance with applicable laws.”
Adani Ports and Special Economic Zone manages 13 ports and terminals in India, including its largest container handling port, Mundra in Gujarat.
This move aligns with the broader strategy of Adani Group companies, which are gearing up to secure funds for capital expenditure. The group envisions spending seven trillion rupees over the next decade on various infrastructure projects.
Adani Ports and Special Economic Zone has set ambitious goals for the current financial year 2023-24, targeting cargo volumes exceeding 400 metric tonnes (MMT). This surpasses the upper end of the initially guided range of 370-390 MMT at the beginning of the fiscal year. The company reported a notable 42 percent year-over-year increase in cargo volumes to 35.65 MMT in December 2023.
In a separate announcement, the company revealed changes in its top leadership during a board meeting. Gautam Adani, the current chairman and managing director, will be redesignated as the executive chairman. Karan Adani, the incumbent chief executive officer, will take on the role of managing director, while Ashwani Gupta has been appointed as the new CEO.
On January 3, the stock settled at Rs 1093.50 apiece at the BSE, marking a 1.39 percent increase (Rs 14.95) compared to the previous day’s close.
