Adani Ports and Special Economic Zone (APSEZ) will seek shareholders' nod to raise up to Rs 10,000 crore through securities in the domestic as well as international markets.
The flagship firm of the Adani Group will place the special resolution before its shareholders at its annual general meeting scheduled for next month, it said in a regulatory filing today.
"The proposed resolution seeks the enabling authorisation of the members to the board to raise funds to the extent of Rs 10,000 crore or its equivalent in any one or more currencies, in one or more tranches...," it added.
Explaining the rationale, APSEZ said the company proposes to have flexibility to infuse additional capital, to tap capital markets and to raise additional long-term resources, if necessary in order to sustain rapid growth in the business, for business expansion and to improve financial leveraging strength of the company.
This (fund raising) will be by way of issuance of shares of the firm and/or any instruments or securities including Gross Depository receipts (GDRs) and/or American Depository Receipts (ADRs) among others.
The special resolution also seeks to empower the company's Board to undertake a Qualified Institutional Placement (QIP) with Qualified Institutional Buyers (QIBs).
