Adani Group logo.
Credit: Reuters File Photo
Bengaluru: India's largest private port operator Adani Ports and Special Economic Zone said on Tuesday it will raise Rs 5000 crores ($599.8 million) by issuing non-convertible debentures and Rs 250 crores through non-cumulative redeemable preference shares.
The company, which operates 13 ports and terminals in the country including its largest container handling port, Mundra in the western Indian state of Gujarat, said a majority of the funds issued will be used for refinancing of existing debt.
Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend Rs 7 lakh crores over the next decade on infrastructure projects.
Meanwhile, the company in early talks to acquire real-estate conglomerate Shapoorji Pallonji Group's (SP Group) Gopalpur port in Odisha for about Rs 1,100 crores-Rs 1,200 crores ($132-$144 mln), The Economic Times reported last week.
Shares in Adani Ports have more than doubled from the multi-year lows hit after the Hindenburg report. They were last up nearly 1 per cent taking their year-to-date gains to 27 per cent.