Mundra Port and Special Economic Zone Ltd. filed its DRHP with SEBI on 7th March, 07 to come out with a public issue of 402.50 lakh equity shares of Rs.10 each. The present equity of the company is Rs.360 crores and 10% dilution is being made with post issue equity rising to Rs.400.68 crores.
The object of the issue is construction and development of basic infrastructure & facilities in SEZ at Mundra (Rs.700 crores), South basin terminal for coal and other cargo (Rs.750 crores), investment in Adani Petronet (Dahej) for Rs.255 crores, investment in Adani Logistics for Rs.49 crores and investments in Inland Container P. Ltd of Rs.156 crores.
The company has 30 years rights for Mundra Port which is developed on 3,404 acres of land for port. The company is also developing multi product SEZ on 2406.8 hectares (5,947 acres), covering Mundra Port. This will be the first port based multi product SEZ.
For six months ended 30-09-06, the company had sales of Rs.246 crores, PBT of Rs.83 crores and PAT of Rs.121 crores, after booking a credit on account of Deferred Tax Credit of Rs.38 crores. The total debt of the company was placed at Rs.1,110 crores.
SEBI has passed an order against the promoters of Adani Exports Ltd by its order dated 25th May 07, passed by Dr. T C Nair, whole time member. The order passed under Section 11 and 11B read with Section 19 of the SEBI Act 1992 further read with SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market ) Regulation 2003, restrained the promoters of Adani viz. Adani Agro Pvt. Ltd., Adani Impex P. Ltd., Crown International, Shahi Property Developers P. Ltd., Adani Properties Pvt. Ltd., Advance Exports, and International India from accessing the securities market either directly or indirectly and also prohibits them from buying, selling or otherwise dealing in securities in any manner whatsoever, for a period of two years.
However, the order has not specifically restrained the promoters of Mundra Port and Special Economic Zone and it has to be seen whether the Adani's can go-ahead with this issue. However, opinions and clarifications are being sought by Adani's on the matter.
Till this confusion gets cleared, the uncertainty over the outcome of the issue remains.