The issue will open on September 4 and close on September 17.
Adani Enterprises Limited (AEL) on Thursday announced the launch of its maiden public non-convertible debenture (NCD) issue on September 4, with plans to raise up to Rs 800 crore.
The offering will include up to 80,00,000 secured, listed and redeemable 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 Rs 400 crore (green-shoe option) -- aggregating up to Rs 800 crore.
The issue will open on September 4 and 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 will be utilised primarily towards 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 (up to 25 per cent) in compliance with the Securities and Exchange Board of India (SEBI) regulations.
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.
Infrastructure and utility form the core of group operations, said Jugeshinder Singh, Adani Group's Chief Financial Officer, 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 with a long track record of creating sustainable infrastructure businesses since 1993.
Led by emerging businesses, including solar and wind manufacturing as well as airports and roads, the Adani Portfolio's net profit soared 50.1 per cent to Rs 10,279 crore (year-on-year) in the first quarter of this fiscal, while EBITDA reached Rs 22,570 crore --- up 32.9 per cent YoY.
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