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      Adani Ports get stronger on funds raising plan

      MoM Team / Mumbai, Jun 23, 2017 09:24 AM IST

        Adani Ports get stronger on funds raising plan

        The announcement was made after market hours yesterday, 22 June 2017.

        Meanwhile, the S&P BSE Sensex was down 20.51 points or 0.07 percent at 31,270.23.

        On the BSE, 4,933 shares were traded on the counter so far as against the average daily volumes of 4.02 lakh shares in the past one quarter. The stock had hit a high of Rs 372.90 and a low of Rs 368.40 so far during the day.

        Adani Ports & Special Economic Zone (APSEZ) said that its finance committee approved the issuance of fixed rate senior unsecured notes aggregating $500 million and has approved the pricing tenure and other terms of the note. The notes will mature on 30 July 2017.

        The proceeds of the notes will be used for refinancing of existing indebtedness of the company and any balance of the net proceeds may be used for capital expenditure requirements and other general corporate purposes.

        On consolidated basis, APSEZ's net profit rose 29.1 percent to Rs 1164.07 crore on 17.5 percent growth in net sales to Rs 2231.46 crore in Q4 March 2017 over Q4 March 2016.

        Adani Ports and Special Economic Zone is a port developer and the logistics arm of Adani Group.

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      Source: Capital Market

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