Adani Ent announces public issuance of secured NCDs to raise up to Rs 800 cr

Source-PTI

New Delhi: Adani Enterprises Ltd (AEL) has announced the public issuance of secured non-convertible debentures (NCDs) to raise up to Rs 800 crore. The issuance will open on September 4 and close on September 17, with the option to close early or extend the deadline. CARE Ratings Ltd has assigned a rating of "CARE A+; Positive" to the proposed NCDs.

Jugeshinder Robbie Singh, CFO of the Adani Group, highlighted that the "CARE A+" rating indicates a strong level of safety for meeting financial obligations and minimal credit risk. AEL will offer a total of 80 lakh NCDs, each with a face value of Rs 1,000. The initial issue size is Rs 400 crore, with a greenshoe option to retain an additional Rs 400 crore, bringing the total potential issue size to Rs 800 crore. The minimum application amount for NCDs is Rs 10,000, with increments of Rs 1,000.

The funds raised will be primarily used to repay at least 75 percent of the company’s existing debt and for general business purposes, in compliance with Securities and Exchange Board of India regulations. Trust Investment Advisors Pvt Ltd, A K Capital Services Ltd, and Nuvama Wealth Management Ltd are the main managers for the issuance. The NCDs will be available in three tenors—24 months, 36 months, and 60 months—with interest payment options of quarterly, cumulative, and annual across eight series.