Adani Ports to raise ₹5,000 cr via NCDs

Adani Ports and Special Economic Zone Limited (APSEZ) today announced  ₹5,000 crore fundraise via public issuance of non-convertible debentures (NCDs). 

The board of directors of APSEZ approved the raising of funds up to ₹5,000 crore through a public issuance of non-convertible debentures with a face value of ₹1,000 each. This will be done through one or more tranches, as disclosed by the company filing today.

In an official statement, the company stated, "We wish to inform you that the board of directors of Adani Ports and Special Economic Zone Limited (“Company”) has at its meeting held on 3rd January, 2024, approved the following: 1. The raising of funds through a public issuance of secured, rated, listed, redeemable, non-convertible debentures of face value of ₹1,000 each, totaling up to ₹5,000 crores through one or more tranches in accordance with applicable laws (‘Issue’)."

Simultaneously, during a board meeting conducted today, the Adani group's ports and logistics division announced a reshuffling in its top leadership. Gautam Adani, the current chairman and managing director, has been redesignated as the ‘Executive chairman’ w.e.f January 4th, 2024. Karan Adani, the current CEO, is now designated as the MD, while Ashwani Gupta has been appointed as the new CEO.

On January 2, it was reported that APSEZ announced its goal of achieving cargo volumes exceeding 400 million metric tonnes (MMT) in the fiscal year 2024. This surpasses the upper limit of the guidance range (370-390 MMT) that was initially set at the commencement of the current financial year.

In December 2023, India's leading private ports operator recorded a significant year-on-year (YoY) surge, with cargo volumes reaching 35.65 million metric tons (MMT), marking 42% year-on-year (YoY) increase. Notably, there was a substantial rise of 63% in the handling of dry bulk cargo, and container handling witnessed an annual growth of over 28%.

In the quarter ended December 2023, APSEZ managed approximately 109 million metric tonnes (MMT) of overall cargo, out of which approximately 106 MMT originated from our domestic ports portfolio. Throughout the initial nine months of FY24, APSEZ handled approximately 311 MMT of total cargo, demonstrating 23% growth.