Shares of Adani Ports and Special Economic Zone were trading in the green and 1% higher on 12 December after the company announced its plans to raise $599.8 million (Rs 5,000 Crore) by issuing non-convertible debentures and Rs 250 crore through non-cumulative redeemable preference shares.

The company operates 13 ports and terminals in India, including its largest container handling Port, Mundra, located in the western Indian state of Gujarat.

The company said that the majority of funds raised will be used towards refinancing of existing debt.

Adani Group of companies started to raise funds for its capital expenditure, and the group also plans to spend seven trillion rupees over the next decade on infrastructure projects.

Moreover, the company is also in early talks to acquire real-estate conglomerate Shapoorji Pallonji Group’s Gopalpur port in Odisha for a total consideration of Rs 1,100 -1,1200 crore.

At 3:30 pm, the shares of Adani Ports closed 0.74% higher at Rs 1,039.55 on NSE.