Gautam Adani becomes Adani Ports's Executive Chairman following management rejig
What's the story
Adani Ports and SEZ, the maritime and logistics division of the Adani Group, has revealed a major shake-up in its top leadership. Gautam Adani, the firm's current Chairman and Managing Director, will now serve as the Executive Chairman. Meanwhile, Karan Adani, the present CEO, will take on the role of Managing Director, and Ashwani Gupta has been named the new CEO. These changes were disclosed in a regulatory filing after a board of directors meeting.
Details
New roles effective from January 4, 2024
Starting January 4, 2024, Gautam Adani will begin his tenure as Executive Chairman, which will last until the conclusion of his current term on June 30, 2027. Karan Adani, who is now the full-time Director and CEO, will assume the position of Managing Director from January 4, 2024, until his term ends on May 23, 2027. Gupta's appointment as CEO will also be effective from January 4, with Adani Ports granting him a three-year term.
What Next?
Adani Ports to raise Rs. 5,000 crore via NCDs
In addition to the leadership changes, the board of directors at Adani Ports has greenlit a plan to raise Rs. 5,000 crore. This will be done through the issuance of secured, rated, redeemable, and listed non-convertible debentures (NCDs). These NCDs will have a face value of Rs. 1,000 each and will be issued in one or more tranches. The company's finance committee has been granted the authority to approve, execute, and oversee activities related to this issuance.
Information
How did Adani Ports's shares perform today?
Adani Ports's stocks ended on a positive note on the BSE today, rising 1.39% to Rs. 1,093.5 apiece. The shares touched a high of Rs. 1,144. The firm has a market cap of Rs. 2.36 lakh crore.