JNPT to raise Rs 2k cr

JNPT to raise Rs 2k cr

Jawaharlal Nehru Port Trust, which operates the Jawaharlal Nehru Port (JN Port) near Mumbai, on Friday announced that it will raise up to Rs 500 crore by selling tax-free bonds with an option of retaining oversubscription to the extent of Rs 1,500 crore.

The issue, which is rated "CRISIL AAA/Stable" will open on March 11 and close on March 15.  Even as bonds are to be listed on both BSE and NSE, the latter shall be the designated bourse for the issue.
Briefing newsmen on Friday, JN Port Chairman L. Radhakrishnan said the net proceeds of the bond issue will be deployed towards dredging works for deepening and widening of the Mumbai harbour channel and JN Port's navigational channel, besides capex for other projects in relation to the port operations.

Further, he said the total estimated is Rs 1,571.60 crore and the estimated period for completion of this project is 25 months

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