Adani Group reached out to CreditSights on improved net debt: Report

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The Adani group has raised $16 billion via "comprehensive equity" under a systemic capital management plan for half a dozen group firms over the past three years.

These were raised through a combination of primary, secondary and committed equity from global investors including TotalEnergies, Abu Dhabi-based International Holding Company PJSC, QIA and Warburg Pincus, according to the report.

This has also resulted in the deleveraging of the promoter level debt, allowing the reduction in the promoter stake pledge in the listed companies, according to the Adani Group. Adani Enterprises, Adani Green Energy and Adani Transmission have received equity infusion from such investors.

The loans from public sector banks (PSBs) have more than halved to about one-fifth at the end of FY22. Foreign and private banks have extended loans forming 17 per cent of the borrowing book, which had little participation from those sets of lenders six years ago.

"In general, the group has been investing aggressively across both existing and new businesses, predominantly funded with debt, resulting in elevated leverage and solvency ratios," CreditSights said in its report on August 23.

Additionally, Adani's business ventures operate in four broad verticals - energy & utility, transport & logistics, primary industries and FMCG.

"The businesses are fully integrated in their respective sectors and are present across the entire value chain, and account for approximately 85 per cent of all growth capex," the Adani Group said in its note.