Adani Enterprises Ltd (AEL) plans to raise up to Rs 1,000 crore through public issue of non-convertible debentures to support business operations.
AEL is the flagship company of the Adani group with promoter group holding a 72.28 per cent stake in the company as on June 30, 2022.
CareEdge, a rating agency, has assigned ‘A+’ to the proposed issuance of debentures. It also reaffirmed ratings for long-term bank ratings ‘A+’ and short-term facilities ‘A1+’.
The ratings continue to derive strength from AEL’s leading position in the coal trading business and ramp-up in the operations of the high-profit margin mining services segment during FY21 and FY22.
