New Delhi: Billionaire Gautam AdaniThe flagship company has raised Rs 1,250 crore through local-currency bond sale, the first after a scathing report on US short sellers triggered a slide in the group’s securities.
In a stock exchange filing, Adani Enterprises Ltd said it has raised Rs 1,250 crore from the allotment of 1,25,000 secured, unrated, unrated, redeemable, non-convertible debentures (NCDs) of face value of Rs 1 lakh each on private placement . Base”.
While the company did not disclose the interest rate, data from the National Securities Depository Ltd showed that the three-year bond carries an annual coupon of 10 per cent.
After this it is the first Adani Group to enter the local corporate bond market Hindenburg Research Its report came out in January.
Adani Enterprises last raised funds through a primary placement of bonds at a yield of 8.40 per cent for 17 months in September last year.
That funding was 140 basis points higher than the prevailing government bond yield at the time. The current bond issue is at a spread of approximately 300 basis points over comparable government bond yields. But unlike government bonds, where interest is paid on a semi-annual basis, Adani bonds have annual interest.
US short-seller Hindenburg The research released an alarming report in January, accusing the Adani Group of accounting fraud and stock price manipulation, leading to a stock market crash that saw the group’s market value plummet to around ₹145 billion at its lowest point. US dollar loss.
The Adani Group has denied all of Hindenburg’s allegations and is pursuing a turnaround strategy that includes reshaping its ambitions, scrapping acquisitions, preemption of debt to address concerns about its cash flow and borrowings. This includes paying off and reducing the pace of spending on new projects.
Promoters have sold shares worth Rs 11,330 crore to US-based leading global equity investment boutique GQG Partners in two tranches since May.
NSDL data shows that Adani Enterprises has raised fresh debt by pledging 21.4 per cent shares of Adani Road Transport. It has pledged 1.95 per cent shares of Adani Road Transport during the September 2022 bond issue.
In a stock exchange filing, Adani Enterprises Ltd said it has raised Rs 1,250 crore from the allotment of 1,25,000 secured, unrated, unrated, redeemable, non-convertible debentures (NCDs) of face value of Rs 1 lakh each on private placement . Base”.
While the company did not disclose the interest rate, data from the National Securities Depository Ltd showed that the three-year bond carries an annual coupon of 10 per cent.
After this it is the first Adani Group to enter the local corporate bond market Hindenburg Research Its report came out in January.
Adani Enterprises last raised funds through a primary placement of bonds at a yield of 8.40 per cent for 17 months in September last year.
That funding was 140 basis points higher than the prevailing government bond yield at the time. The current bond issue is at a spread of approximately 300 basis points over comparable government bond yields. But unlike government bonds, where interest is paid on a semi-annual basis, Adani bonds have annual interest.
US short-seller Hindenburg The research released an alarming report in January, accusing the Adani Group of accounting fraud and stock price manipulation, leading to a stock market crash that saw the group’s market value plummet to around ₹145 billion at its lowest point. US dollar loss.
The Adani Group has denied all of Hindenburg’s allegations and is pursuing a turnaround strategy that includes reshaping its ambitions, scrapping acquisitions, preemption of debt to address concerns about its cash flow and borrowings. This includes paying off and reducing the pace of spending on new projects.
Promoters have sold shares worth Rs 11,330 crore to US-based leading global equity investment boutique GQG Partners in two tranches since May.
NSDL data shows that Adani Enterprises has raised fresh debt by pledging 21.4 per cent shares of Adani Road Transport. It has pledged 1.95 per cent shares of Adani Road Transport during the September 2022 bond issue.