Adani Enterprises falls after raising Rs 1,250 crore from NCDs

conglomerate emphasized its dedication to raising funds in order to support its ten-year roadmap for transformative capital management, a program that was devised in 2016 to implement strategic plans for its various portfolio companies.

Adani Enterprises shares declined 1 percent in early trade on July 12, a day after the company announced that it has raised Rs 1,250 crore through allotment of non-convertible debentures (NCDs).

NCDs are a type of debt instrument issued by corporations or government entities to raise capital. They are called 'non-convertible' because they cannot be converted into equity shares of the issuing company. These are sold as fixed-income investment instruments.

At 9:55am, Adani Enterprises was trading at Rs 2,399, down 1.1 percent from the previous day's close on the National Stock Exchange. Since the start of the year, the company has given a negative return of 37 percent.

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"We would like to inform that the company has raised Rs. 1,250 crore by allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of a face value of Rs 100,000 each on a private placement basis," the company said in an exchange filing.

Billionaire Gautam Adani has generated $1.38 billion (approximately Rs 11,330 crore) through the sale of stakes in three companies within his conglomerate. This recent transaction adds to the total capital raised over the span of four years, which now amounts to $9 billion. The Adani Group continues to attract investment from a diverse range of investors.

In a statement, the conglomerate emphasised its dedication of raising funds to support its 10-year roadmap for transformative capital management, a programme that was devised in 2016 to implement strategic plans for its various portfolio companies.

In late June, Rajiv Jain's investment firm GQG Partners LLC increased its investment in Adani group companies by purchasing an additional $1 billion worth of shares from the promoter group. This increases the total investment of the US-based fund in the Indian conglomerate to $3.4 billion. GQG Partners LLC, which holds stakes in four Adani group companies, obtained 18 million shares, equivalent to 1.6 percent of Adani Enterprises Ltd, the flagship entity of the conglomerate.

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