Adani Enterprises Announces Maiden Public Issuance of Secured NCDs

Adani Enterprises Limited (AEL), the flagship company of the Adani Group, has announced its maiden public issuance of secured non-convertible debentures (NCDs) to raise up to ₹800 crore. Below are key information about the same:

Issue Dates: The NCD issue will open on September 4 and close on September 17, 2024, with an option for early closure or extension.

Credit Rating: The NCDs proposed to be issued have been rated "CARE A+; positive" by CARE Ratings Ltd. Securities with this rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk.

Offering Details: AEL's offering includes up to 80 lakh NCDs, each with a face value of ₹1,000. The base size issue is ₹400 crore, with an option to retain oversubscription up to an additional ₹400 crore (greenshoe option), aggregating up to ₹800 crore.

Use of Proceeds: The proceeds from the issue will primarily be used for prepayment or repayment (at least 75%) of existing indebtedness and general corporate purposes (up to 25%) in compliance with SEBI regulations.

Lead Managers: Trust Investment Advisors Pvt Ltd, A K Capital Services Ltd, and Nuvama Wealth Management Ltd are the lead managers to the issue.

Tenors and Interest Payment Options: The NCDs are available in tenors of 24 months, 36 months, and 60 months, with quarterly, cumulative, and annual interest payment options across eight series.