“A meeting of the Board of the company will be held on December 12 to consider the proposal for issuance of non-convertible debentures and issuance/renewal of non-cumulative redeemable preference shares, on private placement basis/ preferential basis,” the company said in a filing.
The fundraising will be done in one or more tranches.
Shares of Adani Ports rallied over 23% in the last five days after the group received a shot in the arm on a Bloomberg report that quoted unnamed officials in the US International Development Finance Corporation (DFC) as saying that the allegations by Hindenburg Research were not relevant.
The US agency had recently announced funding of $553 million for the Group’s port business in Sri Lanka.
In November, Adani Ports recorded strong cargo volumes of around 36 MMT, a robust 42% year-on-year increase. Growth was witnessed across all three broad cargo categories – dry bulk (over 60% YoY), containers (over 26%) and liquids and gas (over 23%).
In the eight months of FY24 (April-November 2023), the company handled around 275 MMT of cargo, showing a healthy 21% YoY growth. This marks over 70% of the top-end of its full-year guidance range of 370-390 MMT.Logistics volumes continue to witness record growth with year-to-date (YTD) rail volumes of around 379,000 TEUs (over 23% YoY) and GPWIS (general purpose wagon investment scheme) volumes of 12.3 MMT (over 44% YoY). The highest-ever monthly GPWIS volumes were recorded in November 2023 at 1.72 MMT.
In the recent second quarter, Adani Ports reported 4% growth in its consolidated net profit at Rs 1,748 crore. Revenue from operations during the same period increased 28% year-on-year to Rs 6,646 crore.
On Wednesday, Adani Ports shares closed 0.6% higher at Rs 1018.65 on NSE.
(Subscribe to ETMarkets WhatsApp channel)
