Adani Ports to raise funds up to Rs 5,000 cr via non-convertible debentures

"...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 runs 13 ports and terminals in India which also include its largest container handling port, Mundra in Gujarat, according to its website.

Adani Group entities are starting fundraising activities to support capital expenditure, intending to allocate seven trillion rupees in the next ten years towards infrastructure projects.

Adani Ports and Special Economic Zone aims to handle over 400 metric tonnes (MMT) of cargo volumes in the current financial year 2023-24, crossing the upper end of the guidance range of 370-390 MMT provided at the start of the year.

"Adani Ports & Special Economic Zone (APSEZ) crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year... We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year," said Karan Adani, CEO and Whole Time Director, APSEZ on January 2, 2024.

In December 2023, ASPEZ informed in its filing to the bourses that its cargo volumes jumped 42 percent year-over-year (YoY) to 35.65 MMT.