Adani Ports open at 416.40. The stocks fell by 2.87 percent ahead of union budget. The stocks closed at 403.
Adani Ports and Special Economic Zone (APSEZ) recently announced it will be issuing fixed-rate senior unsecured Notes aggregating to $750 million. The company’s finance committee has also approved the pricing, tenure and other terms of the Notes.
The company intends to use the proceeds primarily for capital expenditure, including on-lending to subsidiaries for capital expenditure purposes, and the remainder for repaying existing indebtedness. The company has received rating ‘Baa3 (Stable)’ by Moody's, ‘BBB- (Stable)’ by S&P and ‘BBB- (stable)’ by Fitch for the Notes.
APSEZ is part of Adani Group with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission and gas distribution. APSEZ represents a large network of ports with India’s largest Special Economic Zone (SEZ) at Mundra.
The BSE group ‘A’ stock of face value Rs 2 has touched a 52-week high of Rs 430.60 on 3 July 2019 and a 52-week low of Rs 293.95 on 30 October 2018.
Adani Ports shares have gained around 14% compared with a 12% rise in the benchmark Nifty 50 index.
The promoter holding in the company stood at 62.3%, while Institutions and Non-Institutions held 34.44% and 3.26%, respectively.
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