Adani Ports and Special Economic Zone (APSEZ) will raise $1.25 billion through dollar bonds to repay its existing debt.
The fund-raising plan was approved by the board of APSEZ on Tuesday (7 July). The bonds will be issued in one or more tranches overseas on a private placement basis or otherwise, to eligible persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the bonds under applicable laws. The board has authorized the finance committee to determine the detailed terms and conditions thereof.On 3 January 2020, APSEZ signed an agreement to buy a 75% stake in Krishnapatnam Port Company (KPCL) for an enterprise value of Rs 13,572 crore.
Shares of APSEZ fell 1.27% to Rs 341.60. The stock has lost 5.2% in three sessions from its recent closing high of Rs 360.40 on 3 July 2020. The S&P BSE 100 index, of which the company is a constituent, has gained 2% during the same period.
APSEZ, a part of globally diversified Adani Group, is the largest port developer and operator in India.
The port operator's consolidated net profit slumped 74.11% to Rs 340.21 crore on a 5.23% decline in net net sales to Rs 2,921.19 crore in Q4 March 2020 over Q4 March 2019.
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