<\/p>\n
Adani Ports and Special Economic Zone, India’s largest private port operator, will raise up to 50 billion rupees ($600.6 million) by selling non-convertible debentures, it said on Wednesday.<\/p>\n
Billionaire Gautam Adani was re-designated as executive director from managing director and his son Karan Adani was re-designated as managing director from CEO, the company added.<\/p>\n
Former Nissan Motors Chief Operating Officer Ashwani Gupta was named CEO in Karan Adani’s stead.<\/p>\n
The company, part of the Adani conglomerate, did not specify for what it would use the proceeds.<\/p>\n
Adani Ports, which operates 13 ports and terminals in India, last raised $600 million in December by issuing bonds and used the proceeds to refinance its debt.<\/p>\n
The company’s cash and cash equivalents were 72.90 billion rupees as of Sept. 30, 2023, while its net debt was roughly 387 billion rupees.<\/p>\n
Adani Group companies have been raising funds for capital expenditure since early 2023, and have plans to spend seven trillion rupees over the next decade on infrastructure projects.<\/p>\n
The group’s fundraising efforts, however, were dealt a blow early last year after U.S. short-seller Hindenburg Research alleged improper use of tax havens and stock manipulation by the group, claims the group denied.<\/p>\n
The report sparked a sell-off that lost the group around $150 billion and heightened regulatory scrutiny. It has since won the backing of bankers and investors and its stock has pared the losses to about $47 billion.<\/p>\n
Earlier in the day, India’s Supreme Court provided further respite to the group, saying it does not need to face more investigations beyond the market regulator’s current scrutiny.<\/p>\n
Adani Ports’s shares closed up 1.5%, gaining with the other group stocks on the day.<\/p>\n
($1 = 83.2570 Indian rupees)<\/em><\/p>\n (Reuters – Reporting by Varun Vyas; Editing by Savio D’Souza and Janane Venkatraman)<\/em><\/p>\n<\/div>\n maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":" Adani Ports and Special Economic Zone, India’s largest private port operator, will raise up to 50 billion rupees ($600.6 million) by selling non-convertible debentures, it said on Wednesday. Billionaire Gautam Adani was re-designated as executive director from managing director and his son Karan Adani was re-designated as managing director from CEO, the company added. Former …<\/p>\n","protected":false},"author":1,"featured_media":36879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[],"class_list":["post-36878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/36878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=36878"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/36878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/36879"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=36878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=36878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=36878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}