Adani Enterprises Launches Public Issuance of Secured Non-Convertible Debentures Worth Rs 800 Crore

Adani Enterprises Ltd announced the issuance of secured non-convertible debentures to raise up to Rs 800 crore. The issue, opening on September 4, offers 80 lakh NCDs, rated CARE A+; positive, with various tenors and interest payment options. Proceeds will mainly prepay or repay existing debt.

Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, unveiled plans on Thursday to publicly issue secured non-convertible debentures (NCDs) aimed at raising up to Rs 800 crore. The offering will commence on September 4 and conclude on September 17, with the possibility of an early closure or extension, as stated during the NCD launch.

The proposed NCDs have earned a 'CARE A+; positive' rating from CARE Ratings Ltd, indicating a high level of safety in timely servicing of financial obligations and a low credit risk, according to Adani Group's Chief Financial Officer (CFO) Jugeshinder Robbie Singh.

AEL is looking to issue up to 80 lakh NCDs, each with a face value of Rs 1,000. The base size of the issue is Rs 400 crore, with an additional greenshoe option to retain over-subscription up to Rs 400 crore, aggregating to a total of Rs 800 crore. The minimum application size is set at Rs 10,000.

Proceeds from the issuance will go primarily towards the prepayment or partial repayment of existing debt (at least 75%) and general corporate purposes (up to 25%), in line with SEBI regulations. Trust Investment Advisors Pvt Ltd, A K Capital Services Ltd, and Nuvama Wealth Management Ltd are serving as lead managers for the issue.

The NCDs come with tenors of 24, 36, and 60 months and offer quarterly, cumulative, and annual interest payment options across eight series.

(With inputs from agencies.)