Adani Ports and Special Economic Zone (APSEZ) is raising Rs 5,250 crore through bonds and preference shares.
The company disclosed in a regulatory filing that it will issue non-convertible debentures (NCDs) for capex or refinancing of existing debt and general corporate purpose for an aggregate amount of up to Rs 5,000 crore in one or more tranches on a private placement basis.
These NCDs will subsequently be listed on the BSE and NSE. Adani Ports added that the terms of the issue may include ‘call’ and ‘put’ options as determined from time to time. Further, the tenure of the instrument, date of allotment and date of maturity will also be determined from time to time during the issue.
The company will raise up to Rs 250.19 crore through non-cumulative redeemable preference shares on a private placement basis in one or more tranches. They will be redeemable after seven years from the date of allotment with an option with either party for an early redemption.
APSEZ added that the preference shares will carry a preferential right vis-à-vis its equity shares with respect to the payment of dividend and repayment in case of winding up or repayment of capital.
The latest fund mobilisation is yet another example of the conglomerate recovering from the effects of the damaging allegations made by short-seller Hindenburg earlier this year.
Recently, group firm Adani Green Energy (AGEL) had announced that it has secured a funding of $1.36 billion from a consortium of international banks as part of its construction financing framework.
The senior debt facility would enhance its funding pool to $3 billion since initial project financing in March 2021.
Shares of Adani Ports were in the green on Tuesday as they advanced by over 1 per cent to close at Rs 1,042.05 on the BSE.
