Adani Enterprises has announced the launch of its non-convertible debentures, which gives interest rates up to 9.9 percent for 3 different tenures.
Adani Debentures Issue: Adani Enterprises has announced the launch of its non-convertible debentures. It is secured, rated, listed, redeemable, non-convertible debentures (NCDs) valued at ₹1,000 each, to raise ₹400 crore initially. It may give interest rate up to 9.9% to the investors under different tenure periods.
The company has also included a green shoe option, allowing for an oversubscription of up to ₹400 crore, bringing the total potential issue size to ₹800 crore, as per an exchange filing.
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Adani Debentures Price: 3 Tenure & Interest Rates
Short-term options:
24-month NCDs offering an annual interest rate of 9.25 per cent.
Medium-term options:
36-month NCDs with interest rates ranging from 9.32 per cent to 9.65 per cent, depending on the payment frequency.
Long-term options:
60-month NCDs provide interest rates between 9.56 percent and 9.90 per cent.
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Adani Debenture Issue Date & Last Date To Apply
The issuance will open for subscription on September 4, 2024, and close on September 17, 2024. The debentures have tenures ranging from 24 to 60 months, depending on their preferences. As per the filing, interest payments will be made on an annual, quarterly, or cumulative basis based on the specific series of NCDs chosen.
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.
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Adani On Non-Convertible Debentures
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.
(With Inputs From ANI)
