Shares of Adani Ports and Special Economic Zone Ltd. rose 2.5 per cent after the company and its joint venture (JV) Adani International Container Terminal Private Ltd. (AICTPL) announced plans for raising $300 million.
The company’s shares closed 1.83 per cent up at Rs 475.55 on the BSE, while the benchmark index Sensex closed 0.02 per cent higher at 46,263.17. The stock rose 30 per cent since the start of the year against an 11 per cent rise in Sensex.
AICTPL is a 50:50 JV between Adani Ports and Special Economic Zone Ltd. and Terminal Investment Limited Holding S A. The JV has offered 3.00 per cent senior secured notes, due 2031 for an aggregate amount of Rs $300 million. This note will be issued to institutional investors, who are permitted to invest in it under applicable laws, according to exchange filing.
The proceeds will be utilised as per requisite approvals to repay all the existing senior debt and a portion of subordinated shareholder’s loan, in accordance with the laws and regulations by the Reserve Bank of India (RBI).
Adani Group’s port and SEZ unit reported a growth of 31.6 per cent year-on-year (YoY) in its consolidated net profit of Rs 1,393.69 crore for the quarter ended on September 30. Total income during the quarter rose 2.9 per cent to Rs 3,423.16 crore.