Adani Ports planning to raise Rs 5,200 cr to fund capex
Adani Ports said that it intends to use the funds raised primarily for capital expenditure, including on-lending to subsidiaries for purposes
June 27, 2019
Adani Ports and Special Economic Zone Limited (APSEZ) is planning to raise Rs 5,195 crores ($750 million) to fund its capital expenditure requirement and also to retire some of its debt.
“The finance committee of Adani Ports and Special Economic Zone Ltd has approved the issuance of fixed rate senior unsecured notes aggregating to $750 million and has approved the pricing, tenure and other terms of the notes,” APSEZ said in a regulatory filing.
Funds will be used primarily for capex
Adani Ports said that it intends to use the funds raised primarily for capital expenditure, including on-lending to subsidiaries for purposes, and the remainder for repaying existing indebtedness as permitted under the applicable laws including the external commercial borrowing guidelines and/or if required, approvals of the Reserve Bank of India.
The notes are to be listed on the Singapore Exchange Securities Trading Ltd, the company added.
Adani Ports and Special Economic Zone Ltd shares were trading 0.92 percent lower at Rs 411.20 apiece on the Bombay Stock Exchange (BSE).