Shares of Adani Enterprises hit a new high of 1,937 rupees, up 1 per cent on the Bahrain Stock Exchange in trading on Wednesday, after the Adani Group achieved the financial close of the Navi Mumbai International Airport (NMIAL) project, a subsidiary of the company. Shares of Adani Enterprises rose for the fifth day in a row, rising 7 percent during the period, compared to 1 percent in the S&P C Sensex.
“NMIAL has achieved the financial close of the International Airport Project in Navi Mumbai, Maharashtra after executing the financial documents with the State Bank of India (SBI). The bank has pledged the entire debt requirement of Rs 12,770 crore for the NMIA project,” the company said in a press release. I read here
The Adani Group commended the financial closure of the NMIA project as the company’s commitment to mobilize and complete the required resources within the given timelines. NMIAL is a special purpose vehicle built for the development, construction, operation and maintenance of the Navi Mumbai International Airport project on a design, build, finance, operate, transfer (DBFOT) basis. NMIAL is jointly owned by MIAL, with a contribution of 74% and 26% by the City and Industrial Development Corporation of Maharashtra Limited (CIDCO).
Meanwhile, CARE Ratings reviewed and raised the credit rating of the company’s instruments.
“The review takes into account the Adani Enterprises Limited (AEL) Banking Facility for Major Market Linked Debentures (MLD), Non-Convertible Debentures (NCD) issuance and the Adani Enterprises Limited (AEL) banking facilities. These factors are driven by a proven track record of successful corporate incubation. Across various sectors, completing significant capital expenditures in subsidiaries of Adani Enterprises and restoring passenger traffic in the airport segment during 9 months of FY22 (referring to the period from April 1 to December 31),” said CARE’s assessments.
The ratings also favorably impact the recovery in the airport segment of Adani Enterprises during 9 months of FY22 with revenue of Rs 1,681 crore and Profit before Depreciation of Rent Interest and Tax (PBILDT) of Rs 657 crore. CARE Ratings anticipates a full recovery in domestic traffic by June 2022 and international traffic by the end of fiscal year 23 assuming no significant impact of COVID waves. Click here for full details