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i-maritime News Service

Adani Ports raises Rs 1,000 cr via IPP - 2013-06-12

Private port developer Adani Ports and Special Economic Zone Ltd has raised Rs 1,000 crore via an Institutional Placement Programme (IPP) following which the promoters’ shareholding has been reduced to 75 per cent from 77.5 per cent.

On June 5, the company’s board had finalised the issue price at Rs 150 per share. Pursuant to this, Adani Ports has issued 66,657,520 shares of Rs 2 face value at a premium of Rs 148.

Both global and domestic institutional investors participated in the IPP which was oversubscribed 2.6 times of the issue size. It was undertaken to comply with the regulatory requirement of limiting promoters’ holding to 75 per cent.

Source: The Hindu Business Line