Adani Port and Special Economic Zone Limited Board of Directors, on 3 January, approved raising funds up to Rs 5,000 crore through public issuance of non-convertible debentures that have a face value of Rs 1,000 each.

The company, in its regulatory filing, said, “we wish to inform you that the board of directors of Adani Ports and Special Economic Zone Limited (“Company”) has at its meeting held on 3 January 2024, approved the following: 1. Raising of funds by way of public issuance of secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,000 each amounting up to Rs 5,000 crores through one or more tranches in accordance with applicable laws (“Issue”).”

Adani Group of companies are initiating raising funds for capital expenditure and is planning to spend Rs 7 trillion over the next decade on infrastructure projects.

The company operates 13 ports and terminals in India, including its largest container handling port, Mundra, in Gujarat.

The company is planning to handle over 400 million metric tonnes of cargo volumes during the ongoing financial year, which surpasses the upper end of the guidance range of 370-390 million metric tonnes that was provided by the company during the start of the fiscal year.

On 3 January, the Supreme Court also dismissed the petition filed on the Hindenburg issue to initiate a Special Investigation Team (SIT) or CBI probe.

Following the news, the shares of Adani Port hit a 52-week high of Rs 1,144.

Moreover, in the board meeting held today, the company’s chairman and managing director, Gautam Adani, was redesignated as its executive chairman.

At 3:30 pm, the shares of Adani Port closed 1.58% higher at Rs 1,095.40 on NSE.