Adani Ports plans to raise Rs 5,195 crores to finance investments, reduce debt

Adani Ports and the Special Economic Zone Limited (APSEZ) announced Thursday their intention to raise $ 750 million (about Rs 5,195 crore) to finance its capital expenditures and also to repay part of its debt.

"The Finance Committee of Adani Ports and Special Economic Zone Ltd. has approved the issuance of senior fixed rate unsecured notes of a total amount of $ 750 million and approved the pricing, duration and other terms of the notes, "said APSEZ in a document filed with the supervisory authorities.

The company has indicated that it intends to use the proceeds principally for capital expenditures, including the retrocession of loans to subsidiaries, and the rest for the repayment of existing debt, as permitted by the laws. in force, including the guidelines for external commercial borrowing and / or, where appropriate, the approval of the Reserve Bank of India.

The notes are expected to be listed on the Singapore Exchange Securities Trading Ltd., the company added.

APSEZ shares traded at 0.92% lower at 411.20 rupees each on BSE.