Adani Ports and Special Economic Zone Limited (APSEZ) today announced a fundraising of Rs 5,000 crore through public issuance of Non-Convertible Debentures (NCDs).
The APSEZ board approved raising funds up to ₹5,000 crore through public issue of non-convertible debentures of face value ₹1,000 each. This will be done in one or more tranches, according to the company's filing today.
In an official statement, the company said: “We would like to inform you that the Board of Directors of Adani Ports and Special Economic Zone Limited (“Company”) at its meeting held on January 3, 2024, approved the following: 1. Raising of funds through a public issue of secured, rated, listed, redeemable, non-convertible debentures of a face value of ₹1,000 each and having an aggregate value of up to ₹5,000 Crores in one or more tranches in accordance with applicable laws (“Issue”). .”
At the same time, the Adani Group's ports and logistics division announced a reshuffle of its senior management during a board meeting held today. Gautam Adani, the current Chairman and Managing Director, was appointed Executive Chairman on January 4, 2024. Karan Adani, the current CEO, will now be appointed Managing Director while Ashwani Gupta has been appointed as the new CEO.
On January 2, it was reported that APSEZ announced its target of achieving cargo volume of more than 400 million tonnes (MMT) in fiscal year 2024. This exceeds the upper limit of the original benchmark (370-390 MMT). Start of the current financial year.
In December 2023, India's leading private port operator recorded a significant year-on-year increase: cargo volume reached 35.65 million tonnes (MMT), up 42% year-on-year. Notably, dry bulk throughput saw a significant increase of 63% and container throughput recorded annual growth of over 28%.
For the quarter ended December 2023, APSEZ managed approximately 109 million tonnes (MMT) of total cargo, of which approximately 106 MMT came from our domestic port portfolio. In the first nine months of FY24, APSEZ handled about 311 million tonnes of total cargo, registering a growth of 23%.
