Adani Enterprises announces early closure of Rs 800 crore NCD issue, to close on Friday

The NCDs proposed to be issued have been rated 'CARE A+; positive' by CARE Ratings Ltd

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Adani Enterprises Ltd (AEL)  the flagship company of the Adani Group on Thursday announced an early closure of Rs 800 crore secured non-convertible debentures(NCD) issue. The NCD issue which opened on 4 September was slated to close on 17 September. However, Adani Enterprises Ltd (AEL) in an exchange filing on Thursday, the second day of the issue after it opened on Wednesday said that the management committee of the board of directors of the company, vide a resolution passed on September 5, 2024, has approved an early closure of the issue on Friday, September 6, 2024, which was scheduled to close on Tuesday, September 17, 2024, in compliance with Regulation 33A of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

AEL’s offering included up to 80 lakh NCDs, each with a face value of Rs 1,000. The base size issue is Rs 400 crore, with an option to retain over-subscription up to an additional Rs 400 crore (greenshoe option) aggregating up to Rs 800 crore (”issue” or ”issue size”), the company said in a statement.

The minimum size for each application for NCDs was Rs 10,000 across all series collectively and in multiples of Rs 1,000 thereafter. The company announced that the proceeds from the issue will be utilised primarily towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by our company (at least 75 percent) and general corporate purposes (up to 25 percent) in compliance with the Securities and Exchange Board of India regulations.

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

The NCDs proposed to be issued have been rated ”CARE A+; positive” by CARE Ratings Ltd. Securities with these ratings are considered to have an adequate degree of safety regarding timely servicing of financial obligations and such securities carry low credit risk, said Adani Group’s Chief Financial Officer (CFO) Jugeshinder Robbie Singh, while addressing media at the launch.

*With Agency Inputs