Adani Enterprises raises Rs 1,250 cr through NCDs

economictimes.indiatimes.com:

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).