Adani Ports To Consider Raising Funds Via NCDs On Dec. 12

Adani Ports and Special Economic Zone Ltd. will consider a proposal to raise funds through a bond issue.

The company's board will meet on Dec. 12 to consider the proposal for issuing non-convertible debentures and non-cumulative redeemable preference shares in one or more tranches, the company said in its exchange filing.

The trading window shall remain closed with effect from Dec. 7 till 48 hours after the closure of meeting to be held on Dec. 12, under the code of conduct for prohibition of insider trading.

Citigroup has upgraded the target price for Adani Ports on the possibility of a rerating. The agency rates the stock as a 'buy', citing attractive valuations and a strong business, according to a note on Tuesday.

Meanwhile, Kotak Institutional Equities raised Adani Ports Ebitda estimates, citing market share gains on operational efficiencies and cargo diversification at India's largest private ports operator.

Shares of most Adani Group companies surged as multiple triggers, including the Supreme Court's observations, U.S. funding for its port and market-wide optimism drive the conglomerate's stocks.

Shares of Adani Ports closed 0.73% higher at Rs 1,017.95 apiece on Wednesday, as compared with a 0.4% advance in the Nifty 50.

Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.