The Adani Group, on Wednesday, committed to invest Rs 10,000 crore in West Bengal over the next decade, group chief Gautam Adani said, as per a PTI report. CLICK HERE FOR FULL REPORT
Meanwhile, earlier this month, International Holding Co had agreed to invest $2 billion in three Adani Group companies -- Adani Green Energy, Adani Transmission and Adani Enterprises -- through the preferential allotment route. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes.
Adani Enterprises, the flagship company of Adani Group, said it will allot 4.02 million equity shares at price of Rs 1,915.85 per share aggregating to Rs 7,700 crore. The next-generation of its strategic business investments are centered around airport management, roads, data center and water infrastructure which has significant scope for value unlocking.
In the past one month, the stock has outperformed the market by surging nearly 30 per cent after CARE Ratings revised and upgraded credit rating of the Adani Enterprises’ instruments.
"The revision in the ratings assigned to the principal protected market-linked debenture (MLD) issue, non-convertible debenture (NCD) issue and bank facilities of Adani Enterprises takes into consideration the strengthened financial flexibility of the Adani group. The factors are led by established track record of successful incubation of businesses across various verticals, completion of substantial capex in subsidiaries of Adani Enterprises and recovery of passenger traffic in the airport segment during 9MFY22 (refers to the period April 01 to December 31)," said CARE Ratings in rating rational on March 21, 2022.
The ratings also factor favourably the recovery in the airport segment of Adani Enterprises during 9MFY22 with the revenues of Rs 1,681 crore and profit before interest lease depreciation and tax (PBILDT) of Rs 657 crore. CARE Ratings expects full recovery in the domestic traffic by June 2022 and international traffic by FY23-end assuming no major impact of COVID-waves further, the rating agency said. CLICK HERE
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