Adani Ports and Special Economic Zone, India’s largest private port operator, announced on Tuesday its intention to raise 50 billion rupees ($599.8 million) by issuing non-convertible debentures and an additional 2.5 billion rupees through non-cumulative redeemable preference shares.
The company, which manages 13 ports and terminals across India, including the largest container handling port, Mundra, in the state of Gujarat, specified that a significant portion of the funds raised will be allocated to the refinancing of existing debt.
Adani Group companies are embarking on fundraising initiatives for capital expenditure, with plans to invest seven trillion rupees over the next decade in various infrastructure projects.
Simultaneously, Adani Ports is reportedly in early discussions to acquire the Gopalpur port in Odisha from real-estate conglomerate Shapoorji Pallonji Group (SP Group) for approximately 11-12 billion rupees ($132-$144 million), according to The Economic Times.
Despite facing challenges highlighted in the Hindenburg report, Adani Ports’ shares have rebounded strongly, more than doubling from multi-year lows. As of now, the shares are nearly 1% higher, contributing to a year-to-date gain of 27%.
