Adani Ports plans to raise Rs 5,195 crore to fund capex, pare debt

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Adani Ports and Special Economic Zone Limited (APSEZ) 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 $750 million and has approved the pricing, tenure and other terms of the notes," APSEZ said in a regulatory filing.

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.

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