Adani Enterprises, the flagship company of the Adani Group, plans to raise ₹800 crore through non-convertible debentures (NCDs), including a green shoe option of ₹400 crore. In a stock exchange filing on Tuesday, the company announced that its board has approved this proposal.
The company will issue 80 lakh NCDs with a face value of ₹1,000 each, totaling ₹400 crore. There is an option to retain an oversubscription of up to ₹400 crore.
The issue will open for subscription on September 4 and close on September 17, 2024. These secured, redeemable NCDs will be listed on the BSE and NSE.
The issue price is set at ₹1,000 per NCD. According to the draft prospectus, the lot size is 10 NCDs, and investors can subscribe in multiples of one bond thereafter.
The company stated that the board will decide the allocation date for the NCDs, and the stock exchanges will be notified accordingly.
Adani Enterprises assured that in case of default, NCD holders will receive an additional 2% annual interest over the agreed coupon rate. The company will maintain a security cover of 110% on the outstanding principal and interest.
This fundraising effort comes amid reports that the company plans to raise ₹16,600 crore through a Qualified Institutional Placement (QIP). Last month, Adani Energy Solutions raised ₹8,373 crore through QIP to invest in transmission assets and smart metering business.
In terms of performance, Adani Enterprises’ shares have surged by 24% over the past 12 months, though they have declined by 7.6% on a year-to-date basis.
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