look news india
Billionaire Gautam Adani's parent company Adani Enterprises Limited is going to launch its non-convertible debenture (NCD). Through this, the company wants to raise Rs 600 crore. Adani Enterprises also plans to raise $1.5-2 billion in equity capital. For this, the company can offer Qualified Institutional Placement (QIP). However, there has been no official response from the Adani Group.
The public NCD offer is expected to begin in the middle of next week. However, the exact dates have not been decided yet. This will be the first public offering of NCDs by any Adani Group company and is part of the company's strategy to diversify its funding sources. The Adani Group news comes at a time when Hindenburg has once again leveled several allegations against the group and SEBI.
Plan to raise 600 crores
Let us tell you that on July 25, Adani Enterprises filed a draft prospectus with the stock exchange to raise Rs 600 crore through a public NCD offer. The issue consists of a principal amount of Rs 300 crore, with an option to raise an additional Rs 300 crore if required. The funds raised from the NCD offer will be used for full or partial repayment of existing loans taken by the company. Let us tell you that as of June 30, Adani Enterprises had a net debt of Rs 42,753 crore.
QIP Scheme
The company is in discussions with several institutional investors on the qualified institutional placement (QIP) front. Reportedly, the Adani Energy QIP has attracted interest from global investors such as Rajiv Jain's GQG Partners and Abu Dhabi's sovereign wealth fund ADIA and International Holding Company.
