Adani Enterprises Ltd said it would open its maiden public issue of non-convertible debentures for subscription on September 4 for raising up to Rs 800 crore. The issue would comprise up to 80,00,000 secured, listed, and redeemable NCDs of face value of Rs 1,000 each.
The base size issue is Rs 400 crore, with an option to retain oversubscription up to Rs 400 crore (green-shoe option) - aggregating up to Rs 800 crore. The issue opens on September 4 and shall close on September 17, with an option of early closure or extension, said the flagship company of the Adani Group. The minimum application size for each application for NCDs would be Rs 10,000 across all series collectively and in multiples of Rs 1,000 thereafter. With an effective yield of up to 9.90 per cent per annum, the NCDs are proposed to be listed on BSE Limited and NSE Limited.
The company said the proceeds from the issue would be utilised mainly for the prepayment or repayment, in full or in part, of the existing indebtedness availed by the company-at least 75 per cent-and general corporate purposes of upto 25 per cent-in compliance with SEBI regulations.
The NCDs come in tenors of 24 months, 36 months, and 60 months with quarterly, cumulative, and annual interest payment options across eight series. Infrastructure and utility are the core, said Jugeshinder Singh, Chief Financial Officer of the Adani Group, adding that the "basic business model remains the same with a higher focus on renewable power.".
The NCDs proposed to be issued have been rated "CARE A+; Positive (Single A Plus; Outlook: Positive)" by CARE Ratings. AEL is India's largest business incubator in terms of market capitalisation, having a long track record of creating sustainable infrastructure businesses since 1993. Led by emerging businesses including solar and wind manufacturing along with airports and roads, the consolidated net profit of the Adani Portfolio jumped 50.1 per cent to Rs 10,279 crore, YoY, in the first quarter of this fiscal, while EBITDA reached Rs 22,570 crore, up 32.9 per cent YoY.
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