SocketException : Only one usage of each socket address (protocol/network address/port) is normally permitted (no replies)

I am facing the following error intermittently for my web application. We are using MySql.Data.dll version 6.9.8 and MySqlConnection class.

Error Stack Trace:
MySql.Data.MySqlClient.MySqlException (0x80004005): Unable to connect to any of the specified MySQL hosts. ---> System.Net.Sockets.SocketException (0x80004005): Only one usage of each socket address (protocol/network address/port) is normally permitted XXX:XXX:XX:XX:3306
at System.Net.Sockets.Socket.EndConnect(IAsyncResult asyncResult)
at MySql.Data.Common.MyNetworkStream.CreateSocketStream(MySqlConnectionStringBuilder settings, IPAddress ip, Boolean unix)
at MySql.Data.Common.MyNetworkStream.CreateStream(MySqlConnectionStringBuilder settings, Boolean unix)
at MySql.Data.Common.StreamCreator.GetStream(MySqlConnectionStringBuilder settings)
at MySql.Data.MySqlClient.NativeDriver.Open()
at MySql.Data.MySqlClient.NativeDriver.Open()
at MySql.Data.MySqlClient.Driver.Open()
at MySql.Data.MySqlClient.Driver.Create(MySqlConnectionStringBuilder settings)
at MySql.Data.MySqlClient.MySqlPool..ctor(MySqlConnectionStringBuilder settings)
at MySql.Data.MySqlClient.MySqlPoolManager.GetPool(MySqlConnectionStringBuilder settings)
at MySql.Data.MySqlClient.MySqlConnection.Open()

Connection String Used :
<connstring encrypted="true"> Server=XXXX;Database=XXX;Uid=XXX;Pwd=XXX;Pooling=true;MinimumPoolSize=1;maximumpoolsize=50;ConnectionLifeTime=0;default command timeout=1200;Allow User Variables=True</connstring>

We have already tried changing the max/min pool size but with no results. The issue reoccurs.

Any help will be highly appreciated. I am totally stuck here. Unable to find relevant answers online for this socket exception error.

Thanks.