Adani Ports plans to raise $750 million to fund capital expenditure requirement, clear debt

Adani Ports said it intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for purposes

Press Trust of India June 27, 2019 11:30:03 IST
Adani Ports plans to raise $750 million to fund capital expenditure requirement, clear debt
  • Adani Ports said it intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for purposes

  • The remainder will be used for repaying existing indebtedness including the external commercial borrowing guidelines

  • The notes are expected to be listed on the Singapore Exchange Securities Trading Ltd

New Delhi: Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday announced plans to raise $750 million (approx Rs 5,195 crore) to fund its capital expenditure requirement and also to retire some of its debt.

"The finance committee of Adani Ports and Special Economic Zone Ltd has approved the issuance of fixed-rate senior unsecured notes aggregating to $50 million and has approved the pricing, tenure and other terms of the notes," APSEZ said in a regulatory filing.

Adani Ports plans to raise 750 million to fund capital expenditure requirement clear debt

File image of Gautam Adani, chairman Adani Group. Reuters.

The company said it intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for purposes, and the remainder for repaying existing indebtedness as permitted under the applicable laws including the external commercial borrowing guidelines and/or if required, approvals of the Reserve Bank of India.

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

Shares of APSEZ were trading 0.92 percent lower at Rs 411.20 apiece on BSE.

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