Gautam Adani's flagship firm Adani Enterprises has raised Rs 1,250 crore through a local-currency bond sale, the first since US short seller Hindenburg's scathing report that sparked a rout in the group's securities.

In an exchange filing, Adani Enterprises Ltd said it has raised Rs 1,250 crore "by allotment of 1,25,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1 lakh each on private placement basis".

While the firm did not disclose the interest rate, data from National Securities Depository Ltd showed the three-year bond carried an annual coupon of 10 per cent.

This is the first time the Adani group has tapped the local corporate bond market since Hindenburg Research came out with its report in January.

Adani Enterprises had last raised funds via a primary placement of bonds in September last year at an 8.40 per cent yield for 17 months.

That fundraising was 140 basis points above the prevailing government bond yields at the time.

The current bond issue is at a spread of nearly 300 basis points over the comparable government bond yield. But unlike government bonds where interest is paid on a semi-annual basis, Adani bonds carry annual interest.

Adani Enterprises raised the new debt by pledging 21.4 per cent of the shares of Adani Road Transport, NSDL data showed. It had pledged 1.95 per cent of Adani Road Transport shares during the September 2022 bond issue.

The bond sale comes on the back of three group firms — Adani Enterprises Limited (AEL), Adani Transmission and Adani Green Energy (AGEL) — planning to cumulatively raise Rs 33,300 crore through a qualified institutional placement (QIP).

The Adanis have also mobilised funds from foreign investors such as GQG Partners.

Observers said the success of the group in raising funds through both equity and debt may see more companies from the conglomerate tapping the bond market.

The Hindenberg report led to a massive erosion of $145 billion in the conglomerate's market value at one point of time.

Since then, factors such as pre-payment of share backed debt and investments from GQG have resulted in its stock prices stabilising, enabling the conglomerate to raise funds.

Recently, the Adani family had raised $1.38 billion (Rs 11,330 crore) through stake salein three firms AEL, AGEL and ATL to GQG Partners.

Among the group companies, AEL plans to raise Rs 12,500 crore through share sale to investors, while electricity transmission company Adani Transmission will raise another Rs 8,500 crore. AGEL is also targeting Rs 12,300 crore.

In March, the Adanis sold $1.87 billion (Rs 15,446 crore) worth of stake to GQG and others.