Ahmedabad (Gujarat) [India], August 29 : Adani Enterprises (AEL) on Thursday announced the launch of its maiden public issuance of secured, rated, listed redeemable, non-convertible debentures.
The company stated that the non-convertible debentures (NCDs) proposed to be issued under the Issue have been rated "CARE A+; Positive (Single A Plus; Outlook: Positive) by CARE Ratings Limited. Securities with these ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such securities carry low credit risk.
AEL's offering will include up to 80,00,000 non-convertible debentures ("NCDs" or "Debentures"), 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 ("Green Shoe Option") aggregating up to Rs 800 crore ("Issue" or "Issue Size").
The company added that the Issue will open on September 04, 2024, and close on September 17, 2024, with an option of early closure or extension.
As per a statement by the company 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.
The proceeds from the Issue will be utilized primarily towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by our 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 (Issue And Listing of Non-Convertible Securities) Regulations, 2021, as amended from time to time ("SEBI NCS Regulations").
The company also added that the Trust Investment Advisors Private Limited, A.K. Capital Services Limited and Nuvama Wealth Management Limited are the Lead Managers to the Issue.
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.
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