India Ratings and Research (Ind-Ra) has assigned Adani Transmission (ATL) Rs 10 billion non-convertible debentures (NCDs) a final Long-term 'AA+' rating. The outlook is stable.

The final rating has been assigned on the receipt of the final financing documents. The NCDs would mature in FY18 and FY22. According to the company, the entire proceeds would be utilised to replace loans in its operating subsidiaries.

ATL is a holding company, created to house the transmission assets of Adani group. ATL holds two operating step-down subsidiaries, namely Adani Transmission India (ATIL) and Maharashtra Eastern Grid Power Transmission Company (MEGPTCL).

Shares of the company gained Rs 0.15, or 0.40%, to trade at  Rs 37.50.  The total volume of shares traded  was  26,932 at the BSE (10.16 a.m., Thursday).