Adani Ports and Special Economic Zone shares rose 5.22 per cent in early commerce on Tuesday to hit a 52-week excessive of Rs 1,229.90 after the company mentioned on Monday that it plans to enter the bond market after a two-year hiatus.
According to Reuters, three service provider bankers disclosed {that a} company gathered bids amounting to Rs 1,000 crore from banks and insurance coverage companies for two listed bonds. The bonds, maturing in 5 and 10 years with coupons of seven.80 per cent and seven.90 per cent, respectively, accepted bids totalling Rs 500 crore.
The fundraising comes after the Supreme Court mentioned that the Adani Group isn’t required to bear further investigations past the market regulator’s present scrutiny.
Adani Group to put money into Tamil Nadu
In a separate improvement, the Adani Group mentioned that it’s going to make investments Rs 42,700 crore in Tamil Nadu throughout numerous sectors in the course of the second day of the Global Investors Meet 2024. At the concluding session of the occasion, organised by the ruling DMK authorities, formal agreements had been inked between the Adani Group and the state authorities within the presence of Chief Minister M. Okay. Stalin, Industries Minister TRB Rajaa, and Karan Adani, Managing Director of Adani Ports and Special Economic Zone.
Adani Green Energy plans to contribute the biggest chunk, amounting to Rs 24,500 crore out of the whole funding. The quantity might be allotted in the direction of growing three pump storage initiatives throughout the subsequent 5 to seven years, as confirmed by the Adani Group in an official assertion.
“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 mentioned.
“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 mentioned.
As of 11:08 am on Tuesday, shares of Adani Ports and Special Economic Zone had been buying and selling at Rs 1,211.40, 3.64 per cent greater than the earlier shut.
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