Adani Ports board restructuring- Gautam Adani redesignated as executive chairman, Karan Adani as MD, Ashwani Gupta named CEO

Adani Ports board restructuring: Gautam Adani redesignated as executive chairman, Karan Adani as MD, Ashwani Gupta named CEO

Adani Ports And Special Economic Zone Ltd on Wednesday announced key board restructuring at the company, based on the recommendation of nomination & remuneration committee. It said that Gautam S Adani, Chairman and Managing Director of the company will be redesignated as Executive Chairman with effect from 4th January 2024 till the end of his current term, that is, upto 30th June 2027.

Further, it said that Karan Adani, Whole-Time Director & CEO of the company will be the Managing Director of the firm with effect from 4th January, 2024 till the end of his current term i.e. upto 23rd May, 2027. “Karan Adani is not debarred from holding office of a Director by virtue of any SEBI Order or any other such authority,” it said in the regulatory filing.

APSEZ also accepted the resignation of Dr Malay Mahadevia as a Director of the Company with effect from close of business hours on 3rd January, 2024. In his resignation letter, Dr Malay Mahadevia said that he is resigning from the post due to “pre-occupation and other professional commitments within the Adani group”.

Meanwhile, Adani Ports also said that its board approved fundraising of up to Rs 5,000 crore through non-convertible debentures (NCD). The NCDs of face value of Rs 1,000 each amounting up to Rs 5,000 crore would be issued in one or more tranches, the company said.

“For the purpose of the Issue, the board of directors of the Company has delegated the powers to Finance Committee to, among other things, approve, implement and carry out activities in connection with the Issue,” it added.