Mundra Port to raise Rs 1,500 cr from capital markets

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Mumbai, Oct 29 (UNI) Leading non-captive private sector port developer and operator Mundra Port and SEZ will raise Rs 1,500 crore from the capital market to fund its expansion plans.

The IPO will hit the bourses on November 1 and will close by November 7. The price band of the issue has been fixed at Rs 400-Rs 440.

The issue comprises of 4.25 million shares of which 60 per cent will be allocated to the qualified institutional bidders. The 10 per cent of the net issue will be for non-institutional investors and the remaining 30 per cent will be available for retail investors.

The company is a part of the Adani Group which has exclusive rights to develop and operate Mundra port and related facilities until 2031.

A sum of Rs 200 crore from the issue will be used in financing of construction and development of basic infrastructure in the proposed SEZ in Mundra. Rs 450 crore will be infused in developing the coal terminal, Rs 210 for development of Dahej Port in Gujarat and Rs 76 crore for developing the railway line linking the port.

Located 70 kms from Bhuj in Gujarat, the Mundra Port and SEZ has developed the state's arid coastline into an economic hub with its own railway line, offshore Single-Bouy Mooring (SBM) facility and airstrip.

UNI

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