Adani Airports raises $250 mn for airports development

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Ahmedabad, May 9 | Adani Airport Holdings Ltd (AAHL), a wholly owned subsidiary of Adani Enterprises Ltd, has announced a successful closure of funding of $250 million senior secured three-year ECB facility from consortium of Standard Chartered Bank (SCB) and Barclays Bank PLC.

The facility has an option to raise additional $200 million.

The financing structure enables a scalable capital solution with flexibility to tap global capital markets in line with AAHL’s vision of providing a transformational airport infrastructure platform.

AAHL is leading the Adani portfolio’s foray into B2C infrastructure assets. AAHL business is centred around convenience to consumer both via physical and digital channels.

“We are focussed on delivering high quality infrastructure access to our consumers both through physical and digital channels,” said an AAHL spokesperson.

“The first phase of our capital management plan is now set in motion with the funding of AAHL, MIAL and NMIAL, and we will now focus on scaling up the airports business into one of the largest airport platforms globally. We are grateful to our stakeholders and consumers for their continued support and their confidence in us.”

This issuance by AAHL, marks the first milestone in its capital management plan. Earlier this week, MIAL placed $750 million private placement to Apollo, and $1.74 billion financial closure for NMIAL from the domestic banking system. With this, AAHL has tapped three different pools of capital cumulating to $2.74 billion. AAHL is now geared for the next phase of its capital management plan which includes tapping the public capital markets and further construction facilities to enable access to long term capital sources for infrastructure development.

AAHL is an integrated airport network consisting of eight airports located around city centres controlling 50 per cent of top 10 domestic routes, 23 per cent of the total Indian air traffic, and 30 per cent of India’s air cargo.

AAHL airports handle around 200 million consumers, including passengers and non-passengers.

AAHL is fully committed to the UN Sustainability Development Goals (SDGs) with a specific focus on SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action), demonstrated through initiatives that include solar energy installation projects, electric vehicle usage, green buildings, conversion to LED lamps, among others.

Source: IANS

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Share Market Closing Bell: Market ends the week in green, Sensex surges 1,534 pts and Nifty sinks below 15,850

Share Market Closing Bell: Market ends the week in green, Sensex surges 1,534 pts and Nifty sinks below 15,850

The NIFTY 50 recouped the previous day’s losses and ended at 2.89 percent higher on strong global cues after China cut key lending rates. Nifty continued its upside rally throughout the day as it ended at 16266.15 levels. Bank nifty closed the session at 34276.40 level with a gain of 960 points. VIX closed at 23.10 down by 5.94%.

48 stocks out of NIFTY 50 closed in green which suggest broad based buying. All the sectoral indices are trading higher with metal, pharma, PSU bank and realty indices up 2-3 percent each. Stocks like DRREDDY, JSWSTEEL, NESTLEIND, TATAMOTORS & TATASTEEL were the top gainers, While SHREECEM & UPL were only two losers. The Nifty has formed Open Bullish Marabozu on a daily time frame which indicates upside momentum for an upcoming session.

Moreover, Nifty has been trading in a range of 15750-16410 levels throughout the week, crossing either side can direct further direction. In addition, Nifty has given a closing above 9-Day Moving Average which indicates a bounceback from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading witha positive crossover & reversed from oversold zone on an hourly chart which suggest a northward journey in Nifty. The Nifty may find Strong support around16000 levels, while on the upside 16410 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33200 levels while resistance at 34800levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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