Adani Ent announces public issue of Rs 800 cr non-convertible secured bonds

Ahmedabad (Gujarat) (India), August 29 (ANI): Adani Enterprises (AEL) on Thursday announced the launch of its maiden public issue of redeemable, secured, rated and listed, non-convertible bonds.

The company said the non-convertible bonds (NCDs) offered for issue have been rated “CARE A; Positive (Single A Plus; Outlook: Positive)” by CARE Ratings Limited. Securities with these ratings are considered to have an adequate degree of safety with respect to the timely servicing of financial obligations. These securities carry low credit risk.

AEL’s offering will comprise up to 80,000,000 non-convertible bonds (“NCDs” or “Bonds”), each with a face value of Rs. 1,000. The base issue size is Rs. 400 crore, with an option to retain oversubscription up to an additional Rs. 400 crore (“Green Shoe Option”) aggregating up to Rs. 800 crore (“Issue” or “Issue Size”).

The company added that the offering will open on September 4, 2024 and close on September 17, 2024, with an option for early closing or extension.

According to a company statement, the minimum demand size for each NCD application would be Rs 10,000 for all series collectively and in multiples of Rs 1,000 thereafter.

The proceeds of the issue will be primarily used for early or partial repayment of existing debt incurred by our company (at least 75%) and for general corporate purposes (up to 25%), in accordance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, as amended from time to time (“SEBI NCS Regulations”).

The company also added that Trust Investment Advisors Private Limited, AK Capital Services Limited and Nuvama Wealth Management Limited are the lead managers of the issue.

The NCDs are available in 24-month, 36-month and 60-month tenors with quarterly, cumulative and annual interest payment options across eight series. (ANI)