Adani Enterprises raises Rs 1,250 crore via NCDs

12 Jul 2023 , 01:13 PM

The main business of the Adani Group, Adani Enterprises, reported on Tuesday that it has raised Rs 1,250 crore through a private sale of non-convertible debentures (NCD).

In its late-night stock exchange filing, the business did not specify why it was raising the money.

As the promoters seek to create a ‘liquidity cushion’ to aid with expansion and loan servicing, the ports-to-cooking oil business has recently raised both stock and debt money.

Care and India Ratings have assigned a rating of A+ with a negative outlook to Adani Enterprises’ long-term debt facilities. Meanwhile, Care has given its short-term facilities an A1+ rating.

Through stake sales in Adani Enterprises, Adani Green Energy, and Adani Transmission, the Adani Group most recently raised $1.38 billion. The US-based GQG Partners bought the holdings.

This year, GQG Partners has made a total of $3.2 billion in the Adani Group.

Adani Transmission, Adani Green Energy, and Adani Enterprises have all received board clearance to raise up to 12,500, 8,500, and 12,300 crores through qualified institutional placement (QIP), respectively.

According to a story last week in ET, the Adani Group’s promoters have already reached out to international investors and seek to further reduce their stake in the group’s publicly traded companies.

Adani Enterprises’ shares rose 0.48% to settle at Rs 2,421.8 on the BSE on Tuesday, following the benchmark Sensex’s 0.42% gain.

For feedback and suggestions, write to us at [e-mail]