Adani Enterprises raises Rs 1,250 cr through NCDs, Energy News, ET EnergyWorld

Mumbai: Adani Enterprises, the flagship company of the Adani Group, Tuesday said it has raised ₹1,250 crore through a private placement of non-convertible debentures (NCD).

The company did not state the purpose of raising the funds in its stock exchange filing late evening.

The ports-to-cooking oil conglomerate has lately been raising both equity and debt capital as the promoters look to develop a ‘liquidity cushion’ to help with expansion and loan servicing.

Adani Enterprises’ long-term debt facilities have been rated A+ with a negative outlook by Care and India Ratings. Meanwhile, its short-term facilities have been rated A1+ by Care.

Most recently, the Adani Group raised $1.38 billion through stake sales in Adani Enterprises, Adani Green Energy and Adani Transmission. The stakes were purchased by US-based GQG Partners.

In all, GQG Partners has invested $3.2 billion in the Adani Group this year.

Meanwhile, Adani Enterprises, Adani Transmission and Adani Green Energy have also taken board approvals to raise up to ₹12,500 crore, ₹8,500 crore, and ₹12,300 crore, respectively, through qualified institutional placement (QIP).

The promoters of the Adani Group plan to further whittle down their stake in the group’s listed companies and have already sounded out global investors, ET reported last week.

The stock of Adani Enterprises closed at ₹2,421.8 on the BSE on Tuesday, gaining 0.48%, mirroring the 0.42% gain in the benchmark Sensex.

  • Published On Jul 12, 2023 at 07:27 AM IST

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