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Securities and Exchange Board of India (SEBI) received a request from the Jawaharlal Nehru Port Trust (JNPT) to allow it to raise a maximum of Rs 2,000 crore through tax free bonds.
Earlier, the union finance ministry allowed JNPT along with Dredging Corporation of India (DCI) and Ennore Port to raise collectively Rs 3,500 crore through tax free bonds.
JNPT filed a draft prospectus with SEBI for the bond issue. The prospectus says the JNPT would garner “up to Rs 500 crore with an alternative to retain over-subscription up to Rs 1,500 crore such that the overall issue size does not exceed Rs 2,000 crore.
The shipping ministry controlled entity handles almost 60 percent of the country’s total box traffic.
The net issue proceeds raised through this issue are proposed to be utilized primarily for the purpose of dredging works for deepening and widening of the Mumbai harbour channel and JN Port’s navigational channel and capital expenditure for other projects in relative to the port operations.
The market regulator also received a request from Ennore Port to raise up to Rs 1,000 crore by issuance of tax-free bonds to support its financing activities.