- By Vaamanaa Sethi
- Wed, 12 Jul 2023 10:19 AM (IST)
- Source:JND
JE Business Desk: Gautam Adani-led Adani Enterprises announced that it has raised $1,250 crore through private placement of non-convertible debentures (NCDs). However, the company did not cite any specific reasons to raise capital in its late evening exchange filing.
The conglomerate has recently raised both equity and debt capital as the promoters of the company are looking to develop a 'liquidity cushion' to help with expansion and loan servicing, as per a report by The Economic Times.
Recently, Adani Enterprises had raised $1.38 billion through stake sales in Adani Enterprises, Adani Green Energy and Adani Transmission, which were purchased by US-based GQG Partners. The GQG Partners had invested over $3.2 billion in the Adani Group last year.
Also, Adani Enterprises, Adani Transmission and Adani Green Energy have got the board approvals to raise up to ₹12,500 crore, ₹8,500 crore, and ₹12,300 crore, respectively, through qualified institutional placement (QIP).
According to another ET report, the promoters of Adani Group further plans to cut down their stake in the listed companies.
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Rating platforms Care and India Ratings have rated A+ with a negative outlook to Adani Enterprises’ long-term debt facilities and have given A1+ for short-term facilities.
Shares of Adani Enterprises opened in green on Wednesday at Rs 2,429 per share, higher than its previous close at Rs 2,422 per piece. However, it was trading in red at the time of writing this article at Rs 2,401 per share at 10:18 am IST.
