MUMBAI: Adani Ports and Special Economic Zone said on Tuesday that it will raise Rs 5000 crore by issuing non-convertible debentures and another Rs 250 crore through redeemable preference shares.

The Gautam Adani-led company said most of the funds raised would be used for refinancing its existing debt.

The proposal has been cleared at a board of directors meeting. The move forms part of the company’s strategy to reduce its debt burden.