Adani Ports Approves Rs 5,250 Crore Fundraise Via Bonds, Preference Shares

Adani Ports and Special Economic Zone Ltd. has approved a plan to raise Rs 5,250 crore via bonds and preference shares.

The board approved the issuance of non-convertible debentures worth up to Rs 5,000 crore, according to an exchange filing. The company also plans to issue non-cumulative redeemable preference shares of up to Rs 250.2 crore.

The securities will be issued in one or more tranches on a private placement basis.

The NCDs worth Rs 5,000 crore will be issued on both BSE Ltd. and National Stock Exchange Ltd. The tenure and coupon of the bonds will be determined from time to time at the time of issue, the company said.

The terms of the issue may include call and put options, as determined from time to time, it further said.

The preference shares will be issued with a 0.01% coupon rate for dividends. These instruments will be redeemable after a period of seven years from the date of allotment, with the option for an early redemption.

Investors holding the preference shares will have the right to a dividend and repayment in the event of winding up or repayment of capital.

Shares of Adani Ports and SEZ were trading 0.97% higher at 1,041.95 as of 3:07 p.m., compared with a 0.4% decline in the NSE Nifty 50.