Adani Ports & Special Economic Zone (APSEZ) Announces Rs. 5,000 Crore NCD Fundraise and Leadership Changes

Introduction:

Adani Ports and Special Economic Zone Limited (APSEZ) recently disclosed plans for a significant financial move by approving the raising of funds via public issuance of non-convertible debentures (NCDs) amounting to Rs. 5,000 crores. Additionally, the company has made strategic leadership changes in a recent board meeting.

Key Points:

Fundraising through NCDs:

The board greenlighted the issuance of secured, rated, listed, redeemable NCDs valued at Rs. 1,000 each, aiming to raise funds up to Rs. 5,000 crores. This move aligns with APSEZ's strategic goals for capital expenditure and financial strengthening.

Infrastructure Investment:

APSEZ, operating 13 ports and terminals across India, including its flagship Mundra port in Gujarat, intends to invest significantly in infrastructure projects. The broader Adani Group plans to invest seven trillion rupees over the next decade in diverse infrastructure initiatives.

Cargo Volume Expectations:

The company is poised to surpass its initial cargo handling projections for the fiscal year 2023-24, expecting to exceed 400 million metric tonnes (MMT). This marks an upward revision from the previously estimated range of 370-390 MMT.

Leadership Realignments:

The recent board meeting saw prominent changes in leadership positions at APSEZ. Gautam Adani, the company's Chairman and Managing Director, has been repositioned as its Executive Chairman. Karan Adani, the existing Chief Executive Officer, has been appointed Managing Director, while Ashwani Gupta will assume the role of CEO.