Adani Enterprises announced that it has raised Rs 1250 crore through the allotment of non-convertible debentures (NCDs).
Adani Enterprises, the flagship company of Adani Group, announced that it has raised Rs 1250 crore through the allotment of non-convertible debentures (NCDs). “We would like to inform that the Company has raised Rs 1250 crore today i.e. 11th July, 2023 by allotment of 125,000 Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 1,00,000 each on private placement basis,” it said in a regulatory filing.
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Earlier this week, the company had informed that it has raised $1.38 billion (Rs 11,330 crore) through stake sale in three group companies. This has taken the total capital raised over four years to $9 billion as the conglomerate draws interest from a cross-section of investors. The conglomerate, in a statement, had said that it is “committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies”.
In May, Adani Enterprises had said that its board approved the proposal to raise Rs 12,500 crore through a share sale. This comes five months after Adani Enterprises was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report. The offer was fully subscribed but the company returned the money to subscribers. Hindenburg Research had released a report alleging accounting fraud and stock price manipulation at Adani Group, in January, that had erased about $145 billion in the conglomerate’s market value.
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Earlier, Adani Enterprises posted a jump of 137.4 per cent in profit for the fiscal fourth quarter of FY23 at Rs 722.48 crore as against Rs 304.32 crore in the same quarter last year. The company reported revenue from operations at Rs 31,346.05 crore, up 26.1 per cent on-year from the previous Rs 24,865.52 crore, on account of strong performance by IRM and Airports business.
