Image Source : ADANI PORTS Image credit: Adani Ports
Adani Ports and Special Economic Zone shares rose 5.22 per cent in early trade on Tuesday to hit a 52-week high of Rs 1,229.90 after the company said on Monday that it plans to enter the bond market after a two-year hiatus.
According to Reuters, three merchant bankers disclosed that a company gathered bids amounting to Rs 1,000 crore from banks and insurance firms for two listed bonds. The bonds, maturing in five and 10 years with coupons of 7.80 per cent and 7.90 per cent, respectively, accepted bids totalling Rs 500 crore.
The fundraising comes after the Supreme Court said that the Adani Group is not required to undergo additional investigations beyond the market regulator’s current scrutiny.
Adani Group to invest in Tamil Nadu
In a separate development, the Adani Group said that it will invest Rs 42,700 crore in Tamil Nadu across various sectors during the second day of the Global Investors Meet 2024. At the concluding session of the event, organised by the ruling DMK government, formal agreements were inked between the Adani Group and the state government in the presence of Chief Minister M. K. Stalin, Industries Minister TRB Rajaa, and Karan Adani, Managing Director of Adani Ports and Special Economic Zone.
Adani Green Energy plans to contribute the largest chunk, amounting to Rs 24,500 crore out of the total investment. The amount will be allocated towards developing three pump storage projects within the next five to seven years, as confirmed by the Adani Group in an official statement.
“Today’s Tamil Nadu is a standout example of stability, a well-established industrial ecosystem, advanced infrastructure, total connectivity, safe and secure neighbourhoods, and business-friendly policies,” Adani said.
“His (Stalin’s) drive to make Tamil Nadu a socio-economic powerhouse has pulled a growing number of business houses to invest in this state, and the Adani Group is privileged to be one of them,” he said.
As of 11:08 am on Tuesday, shares of Adani Ports and Special Economic Zone were trading at Rs 1,211.40, 3.64 per cent higher than the previous close.
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