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.”

PTI recently reported that Adani had entered into an agreement with MSC subsidiary Terminal Investment Ltd to consolidate Mundra Port’s operations.

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.