TN Electricity Minister denies commercial ties with Adani conglomerate
This is the first reaction of the DMK government following the indictment of the Adani conglomerate in a US court.
Flagship Adani Group company Adani Enterprises raised Rs 100 crore via Non-Convertible Debentures on a private placement basis.
The said debentures will be listed on the wholesale debt market segment of BSE, the company said in a regulatory filing to the stock exchanges on Monday evening. The debentures have a face value of Rs 10 lakh each.
The company allotted 1,000 Rated, Listed, Secured, Redeemable, Principal Protected Market Linked Non-Convertible Debentures (“MLD”).
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Non-convertible debentures are typically used as tools to raise long-term funds by companies.
This morning, the shares of the company rose over 1 per cent. So far this year, the shares gave its investors a sharply high return of over 120 per cent.
The Adani shares climbed by at least 2.65% in the day by this move. On BSE, Adani Enterprises shares closed at Rs 3,778.90 apiece moving up by Rs 77 or 2.08% after touching an intraday high of Rs 3,800 apiece. The company’s market cap is around Rs 4,30,795.02 crore.
Meanwhile, shares of Ambuja Cements extended their gains from the previous session to hit a fresh all-time high. It traded nearly 2 per cent higher this morning.
This happened after the formal acquisition of the cement maker by the Adani Group. Post the transaction, Adani will hold 63.15 per cent in Amubuja Cements.
“What makes cement an exciting business is the headroom for growth in India, which exceeds that of every other country well beyond 2050,” Gautam Adani, Chairman, Adani Group had said.
The chairman believes the Group is on track to become the largest and most efficient cement manufacturer by no later than 2030.
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