Adani Enterprises raises Rs 1,250 cr through NCDs
Summary
The company did not state the purpose of raising the The ports-to-cooking oil conglomerate has lately been raising both equity and debt capital as the Adani Enterprises long-term debt facilities have been rated A+ with a negative outlook by Care and Most recently, the Adani Group raised $1.38 billion through stake sales in 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 groups 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. 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 . 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 groups 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.