Adani Ports to issue NCDs and preference shares worth Rs5,250 crore

The board of Adani Ports and Special Economic Zone Limited on Tuesday approved a proposal to issue bonds and preference shares of up to Rs5,250 crore.

The Adani Group entity will issue non-convertible debentures (NCDs) of up to Rs5,000 crore in one or more tranches on private placement basis.

The company will also issue non-cumulative redeemable preference shares of up to Rs250.2 crore in one or more tranches on a private placement basis.

"We wish to inform you that the board of directors of the company at its meeting held on 12 December 2023 has given their in-principle approval for issuance of non-convertible debentures for capex/refinancing of existing debt and general corporate purpose for an aggregate amount not exceeding Rs5,000 crore in one or more tranches on private placement basis," it said.

"Issuance of non-cumulative redeemable preference shares on private placement basis for an aggregate amount not exceeding Rs250.19 crore in one or more tranches on private placement basis," the company said.

The debentures to be issued will be listed on the bourses. The tenure of the instrument, date of allotment and date of maturity will be determined from time to time at the time of issue, the company said.

Adani Ports shares extended market gains for a second consecutive session on Thursday, taking their overall gains to 22 per cent in two days. In afternoon trade, the scrip was trading over 14 per cent higher, hitting a one-year high of Rs1,008.50 on the NSE.