APSEZ slumps 12% on worries of equity dilution

Shares of Adani Ports and Special Economic Zone(APSEZ)lost nearly 12 per cent on equity dilution worries after the company said it will seek shareholders nod for raising up to Rs 10,000 crore by issue of shares.
The stock after a weak opening further lost 12.33 per cent to Rs 210 on BSE.
At NSE, shares of the company slumped 10.53 per cent to Rs 213.05.
"The Board of Directors of the company ... Has accorded approval for seeking approval of the shareholders ... To raise funds by issue of equity shares/convertible bonds through Qualified Institutional Placement/GDR/ADR/FCCBs/FCEBs/ convertible securities for an aggregate amount up to Rs 10,000 crore," APSEZ said in a BSE filing yesterday.

The company's board also gave approval for seeking shareholders' nod to issue secured/unsecured redeemable non-convertible debentures on private placement basis within the overall borrowing limits of the company.