Adani Ports and Special Economic Zone Limited recently got the green light from its Board of Directors to issue Non-Convertible Debentures (NCDs) valued at ₹5,000 crore. This essentially means the company has approval to borrow money by issuing these bonds on a private placement basis, with an aim to use the funds for capital expenditure, refinancing existing debt, and general corporate purposes. The Board meeting, held on December 12, 2023, gave in-principle approval for this financial move.
In addition to the NCDs, the Adani Group entity is also planning to raise up to ₹250.2 crore by issuing preference shares through private placement. The purpose behind this move is not explicitly mentioned, but raising capital through preference shares often allows companies to strengthen their financial position.
The debentures to be issued will be listed on the stock exchanges, providing transparency and allowing investors to trade them. However, specific details like the tenure of the instrument, date of allotment, and maturity dates will be determined at the time of issuance. Adani Ports’ shares experienced a modest gain of 0.9%, reaching ₹1,040.55 per share on the NSE during Tuesday’s afternoon trading.
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