Adani Enterprises raises Rs 1250 crore through NCDs; stock trades lower

Adani Enterprises said in the filing on Tuesday that it has raised Rs 1,250 crores through the distribution of non-convertible debentures (NCDs). However, the company did not say the purpose of raising the funds.

Adani Group’s flagship firm announced in a regulatory filing to the stock exchanges that, “We would like to inform that the company has raised Rs. 1,250 crores on 11th July, 2023 by allotment of 125,000 Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (“NCDs”) of the face value of ₹1,00,000/- each on private placement basis.”

The group company has been raising both equity and debt capital as the promoters look to develop a ‘liquidity cushion’ to help with expansion and loan servicing. The promoters of the Adani Group plan to further whittle down their stake in the group’s listed companies and have already sounded out global investors.

Currently, the stock is trading in the negative stock at Rs 2399.85, down 0.91% in the late morning trade on Wednesday.

Source: Media reports