In a recent meeting held on January 3, 2024, the board of directors of Adani Ports and Special Economic Zone Limited (the “Company”) approved significant decisions.
First, the board approved the issuing of secured, rated, listed, redeemable, non-convertible debentures with a face value of Rs. 1,000 in order to raise money. The entire sum that needs to be raised is Rs. 5,000 crores, and it will be done so in accordance with the relevant laws in one or more tranches. The power to authorize, carry out, and oversee the issuance’s related operations has been delegated to the Finance Committee.
Secondly, as part of internal restructuring, the board approved the re-designation of Mr. Gautam S. Adani, the current Chairman & Managing Director, as the ‘Executive Chairman.’ This re-designation will be effective from January 4, 2024, until the conclusion of his existing term, which extends until June 30, 2027. The terms and conditions of his appointment remain unchanged.
Additionally, Mr. Karan Adani, the Whole-Time Director & CEO of the Company, will be re-designated as the ‘Managing Director’ with effect from January 4, 2024, until the end of his current term, concluding on May 23, 2027. Similar to Mr. Gautam S. Adani, the terms and conditions of his appointment remain unaltered.
Furthermore, the board approved the appointment of Mr. Ashwani Gupta as the Chief Executive Officer of the Company, effective from January 4, 2024. He is also appointed as a Whole-Time Director for a period of three years, subject to shareholder approval. The appointment becomes effective upon obtaining the Director Identification Number and completing other formalities.
Lastly, the board accepted the resignation of Dr. Malay Mahadevia as a Director of the Company, effective from the close of business hours on January 3, 2024.
