Shares Spike for Adani Ports
Through the issue of debentures, Adani Ports and Special Economic Zone has been able to increase its shares by 3%, according to DNAIndia.
Adani Ports said: "The company has raised Rs 500 crore today by allotment of 5,000 rated, listed, secured, taxable, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10,00,000 [US$755 million] each on [a] private placement basis.”
This plan was created in order to position Mundra Port as India’s largest port.
Adani is also focusing on its own Sagamala Project, which is a US$10 billion government initiative to expand India’s top 12 ports, by establishing a presence at a number of ports in the country.