Adani Ports shares rises 2% as JV to raise $300 million

Adani Ports shares rises 2% as JV to raise $300 million

Adani Ports and Special Economic Zone share price gained 2 percent intraday on December 15 after the company said its  joint venture would raise $300 million.

Adani International Container Terminal Private Limited ), a 50:50 joint venture of Adani Ports and Terminal Investment Limited Holding S.A., priced an offering of $300 million 3 percent Senior Secured Notes due 2031, the company said in the release.

AICTPL intends to use the proceeds from the offering, upon receipt of requisite approvals, to repay all of its existing senior indebtedness and to repay a portion of the subordinated shareholder loans availed by it, the company added.

At 1119 hours, Adani Ports and Special Economic Zone was quoting at Rs 475, up to Rs 8, or 1.71 percent on the BSE.