Ahmedabad, 30 May (IANS). Adaani Ports and Special Economic Zone Limited (APSEZ) said on Friday that the company has successfully raised Rs 5,000 crore through a 15-year non-convertible debentures (NCD).
This entire issue has been subscribed by the Life Insurance Corporation of India (LIC). The listing of these debentures will be on the Bombay Stock Exchange (BSE).
APSED, a company with good financial condition and ‘AAA/Stable’ domestic credit rating, has fixed the coupon rate for NCD at 7.75 percent.
Ashwini Gupta, a full -time director and CEO of APSEZ, said, “This is not just a financial exercise. It is an active examination of a careful developed capital management plan for APSEZ, which is focused on maintaining conservative leverages, expanding dated maturity profiles, reducing costs and diverse in fanding sources. Is designed to support with its long -term approach to becoming the world’s largest integrated transport utility. “
Adani Ports have targeted to handle 1 billion tonnes of cargo by FY 30, which is 2 times the FY 25 figure. Apart from its port operation, the company has also made ambitious plans to expand its logistics and marine businesses.
This transaction reflects APSED’s access to domestic markets and is one of the longest -long -term issues in the history of Indian capital markets.
This income will be used by APSEZ for the proposed repayment of US dollar bonds, for which the board is yet to get approval.
Adani Ports is the largest port developer and operator in India, with seven strategic ports and terminals on the western coast and eight strategic banks on the east coast. 27 percent of the country’s port volumes is on these ports.
-IANS
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