Adani Enterprises' Maiden Bond Issue Oversubscribed On First Day
The company will use the proceeds primarily to prepay or repay the existing borrowing, in full or in part.
The maiden public non-convertible debenture issue of Adani Enterprises Ltd. was subscribed 179.14% (or 1.79 times) to the base issue of Rs 400 crore on the first day of bidding.
The Ahmedabad-based conglomerate plans to raise up to Rs 800 crore through secured, listed, and redeemable non-convertible bond issues.
The Adani group flagship's debt issue can retain oversubscription, or greenshoe, of up to an additional Rs 400 crore. The issue opened for subscription on Sept. 4 and will close on Tuesday, Sept. 17, 2024. CARE Ltd. has assigned a 'CARE A+', a positive rating to the NCD issue.
The company will offer an effective yield of up to 9.90% per annum, and the NCDs will be listed and traded in dematerialised form on BSE and NSE. The allotment to investors will be on first come basis.
The company will use the proceeds primarily to prepay or repay the existing borrowing, in full or in part.
The debentures will be available in 24-month, 36-month, and 60-month tenors, with quarterly, cumulative, and annual interest payment options across eight series.
Infrastructure and utility form the core of group operations, according to Jogeshinder Singh, Adani Group's chief financial officer. "Basic business model remains the same with a higher focus on renewable power."
Expect the data centres business to be big in the next 10-15 years and will be one of the core users of energy going forward, Singh said in a press conference.
Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
