Adani Ports board approves issuance of NCDs worth ₹5,000 crore

Adani Ports board approves issuance of NCDs worth ₹5,000 crore

VoM News Desk | December 12, 2023 | 03:14 PM IST | Breaking News | Follow on Google News

Adani Ports board approves issuance of NCDs worth ₹5,000 crore Image/CNC-TV18

Adani Ports board approves issuance of NCDs worth ₹5,000 crore……

It seems that Adani Ports and Special Economic Zone Limited has received approval to issue non-convertible debentures (NCDs) worth ₹5,000 crore and non-cumulative redeemable preference shares worth ₹250.2 crore on a private placement basis.

The purpose is for capex/refinancing existing debt and general corporate purposes.

Additionally, this move has attracted positive attention from global brokerages like Citi and Kotak, with Citi upgrading the target price for Adani Ports and Kotak raising Adani Ports’ EBITDA estimates due to operational efficiencies and cargo diversification, leading to market share gains.

As a result, Adani Ports’ stock has seen a 40% rally in the last six months, with a 1.01% increase during Tuesday’s afternoon trading on the NSE, reaching ₹1,042.35 per share.

The debentures issued will be listed on stock exchanges, but specific details like tenure, allotment date, and maturity date will be determined at the time of issuance.

Refrences from CNBC -TV 18

VoM News Desk

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