Mundra Port to list on bourses
Adani group-promoted Mundra Port and Special Economic Zone Ltd (MPSEZL) will list its equity shares on bourses on Tuesday. The initial public offer (IPO) of the company received robust response from investors and the issue was subscribed over 115 times.
The company had come out with an issue of 4.02 crore shares and the issue price of the shares was fixed at Rs 440. MPSEZL is the first company from SEZ and port sector to hit the capital market. The proceeds of the issue would be utilised for further development of Mundra port and SEZ.
The company is planning to raise about Rs 1,700 crore to part-fund the 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. Proceeds of the IPO would also be utilised in part- funding Adani Petronet (Dahej) Port Pvt Ltd, Adani Logistic Ltd and investments in Inland Container Pvt Ltd. 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.
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