New Delhi: The flagship company of Adani Group, Adani Enterprise, announced that it had raised Rs 1250 crore through the issuance of non-convertible debentures (NCDs). “We would like to inform you that the Company has raised Rs 1250 crore today, i.e. 11th July 2023, by allotment of 125,000 Unrated, Secured, Redeemable, Unlisted, Non-Convertible Debentures (NCDs) of the face value of Rs 1,00,000 each on private placement basis,” it said in a regulatory filing.
Earlier this week, the company announced that it had sold stakes in three of its group companies to raise $1.38 billion (Rs 11,330 crore). As the conglomerate draws interest from a cross-section of investors, this brings the total amount of capital raised over the course of four years to $9 billion. In a statement, the conglomerate 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”.
Adani Enterprises announced in May that its board approved the proposal to raise Rs 12,500 crore through a share sale. This comes five months after the Hindenburg report caused Adani Enterprises to cancel a Rs 20,000 crore follow-on public offering (FPO). The offer was fully subscribed, but the company returned the money to subscribers. In January, Hindenburg Research published a report in which it accused Adani Group of accounting fraud and stock price manipulation, erasing approximately $145 billion from the conglomerate’s market worth.
Earlier, Adani Enterprises reported an increase in profit of 137.4 per cent for the fourth quarter of the fiscal year FY23 from Rs 304.32 crore to Rs. 722.48 crore. On account of strong performance by IRM and Airports business, 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.
