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Adani Ports share rises 2% as firm's joint venture to raise $300 million

Adani Ports shares touched an intraday high of Rs 479.4, rising 2.66% against the last close of Rs 467. Adani Ports & SEZ share is trading higher than 5, 20, 50, 100 and 200-day moving averages

twitter-logoBusinessToday.In | December 15, 2020 | Updated 14:34 IST
Adani Ports share rises 2% as firm's joint venture to raise $300 million
Market capitalisation of the stock stood at Rs 97,199 crore today

Adani Ports and Special Economic Zone share gained over 2% on Tuesday after the company said its joint venture would raise $300 million.

Adani Ports shares touched an intraday high of Rs 479.4, rising 2.66% against the last close of Rs 467. Adani Ports & SEZ share is trading higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the stock stood at Rs 97,199 crore today.

Adani International Container Terminal Private Limited (AICTPL), 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.

The notes are expected to be rated "Baa3" by Moody's Investors Service Inc, "BBB-" Standard & Poor's Ratings Services and "BBB-" by Fitch Ratings Inc. The notes will be issued to institutional investors permitted to invest in the Notes under applicable laws.

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.

Adani Ports share has risen 3.2% in one week and 30% in one month. The stock has gained 30% year to date and 26% in one year.

The stock has climbed 2.37% in the last 2 days.

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