Mundra Port, SEZ Plans To Raise Rs 1,500 Cr Via IPO

MUMBAI: Adani group promoted Mundra Port and Special Economic Zone Ltd (MPSEZL) is planning to raise Rs 1,500 crore through an initial public offer to part fund the development of the port.

The company plans to hit the capital market through a public issue of 40,250,000 equity shares of Rs 10 each.

MPSEZL the developer and operator of Mundra Port, located in Kutch district of Gujarat, is primarily engaged in providing bulk cargo services, container cargo, crude oil cargo and value-added port services, including railway services between Mundra Port and Adipur.

MPSEZL is the first company from SEZ and port sector to hit the capital market. The proceeds of the issue would be utilised for the further development of Mundra port and SEZ.

"The company will raise over Rs 1,500 crore to part fund construction and development of basic infrastructure and allied facilities in the proposed SEZ and construction and development of south basin terminal for coal and other cargo at Mundra Port among others," MPSEZL, Executive Director, Ameet Desai told reporters in Mundra.

He said the proceeds of the IPO would also be utilised in part funding Adani Petronet (Dahej) Port Private Ltd, Adani Logistic Ltd and investments in Inland Container Private Ltd,".