Adani Enterprises raises Rs1,250 crore via NCDs
Adani Enterprises Ltd (AEL), a prominent conglomerate owned by billionaire Gautam Adani, announced that it has successfully raised ₹1,250 crore through the issuance of non-convertible debentures (NCDs). The funds were obtained through a private placement basis.
In an official filing with the stock exchange, Adani Enterprises stated, "We would like to inform you that the company has raised ₹1,250 crores today, July 11, 2023, by allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures with a face value of INR 1,00,000/- each on a private placement basis."
This development comes after Adani Enterprises decided not to proceed with its planned INR 20,000-crore Follow-on Public Offer (FPO) earlier this year due to allegations made by Hindenburg Research. The allegations included claims of fraudulent transactions and share price manipulation within the Gautam Adani-led group. Given these circumstances, the company chose to raise funds through a private placement of NCDs instead.
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