Shares of Adani Ports and Special Economic Zone Ltd rose 2.5% on Tuesday after the company and its joint venture announced plans to to raise $300 million.
At 1150 am, the stock traded 1.9% higher at ₹476.10 apiece on the BSE, while the Sensex was down 0.5% at 46008.53. The stock has risen 30% since the start of the year compared to an 11% rise in Sensex.
Adani International Container Terminal Private Limited (AICTPL), a 50:50 joint venture between Adani Ports and Special Economic Zone and Terminal Investment Limited Holding S.A., has priced an offering of $300 million, 3.00% senior secured notes, due 2031, and will be issued to institutional investors permitted to invest in the notes under applicable laws, according to a filing with the stock exchanges.
The notes are expected to be rated “Baa3″ by Moody’s Investors Service Inc., “BBB-” by Standard & Poor’s Ratings Services, and “BBB-” by Fitch Ratings Inc.
AICTPL will use the proceeds, upon receipt of requisite approvals, to repay all its existing senior debt and a portion of subordinated shareholder loans availed by it, in accordance with applicable laws and regulations and as permitted by the Reserve Bank of India.
Adani Ports and SEZ reported a 31.6% year-on-year rise in its consolidated net profit to ₹1,393.69 crore for the quarter ended September while consolidated total income rose 2.9% to ₹3,423.16 crore.