Adani Ports gets shareholders nod for raising Rs 10K cr

Shareholders also approved invitation to subscribe to non-convertible debentures on private placement basis

Adani Ports and Special Economic Zone Ltd (APSEZ) today said its shareholders have approved a proposal to raise funds up to Rs 10,000 crore through securities.

In a BSE filing, the firm said its shareholders approved the "...Offer or invitation to subscribe to securities for an amount not exceeding Rs 10,000 crore."

Shareholders also approved the company's proposal of offer or invitation to subscribe to non-convertible debentures on private placement basis, it added.

Proposal of the company to make investments up to Rs 10,000 crore was also approved, APSEZ said.

The filing added that shareholders approved "increasing the Foreign Institutional investors/ Foreign Portfolio Investment to 40 per cent of the paid-up equity share capital of the company."

Earlier this week, the country's largest port developer reported a 12.85 per cent increase in consolidated net profit to Rs 641 crore during the April-June quarter against a net profit of Rs 568 crore in the year-ago period.

The firm, part of the Gautam Adani-led Adani Group, posted a 40 per cent jump in net sales to Rs 1,723 crore during the first quarter as against Rs 1,232 crore in the corresponding quarter of the previous fiscal.

APSEZ shares today fell by 3.10 per cent to settle at Rs 321.85 apiece at the BSE.