India’s largest private port operator Adani Ports and Special Economic Zone said on Tuesday it will raise 50 billion rupees ($599.8 million) by issuing non-convertible debentures and 2.5 billion rupees through non-cumulative redeemable preference shares.
The company, which operates 13 ports and terminals in the country including its largest container handling port, Mundra in the western Indian state of Gujarat, said a majority of the funds issued will be used for refinancing of existing debt.
Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend seven trillion rupees over the next decade on infrastructure projects.
Meanwhile, the company in early talks to acquire real-estate conglomerate Shapoorji Pallonji Group’s (SP Group) Gopalpur port in Odisha for about 11-12 billion rupees ($132-$144 mln), The Economic Times reported last week.
Shares in Adani Ports have more than doubled from the multi-year lows hit after the Hindenburg report. They were last up nearly 1% taking their year-to-date gains to 27%.
