Adani Enterprises To Issue Rs 1,000 Crore NCDs With Interest Up To 9.30%

Adani Enterprise Ltd. will issue Rs 1,000 crore non-convertible debentures with interest up to 9.30%, the company said in a release. The NCDs are rated 'AA-' by ICRA and CARE Ratings Ltd.

The base size of the issue is Rs 500 crore with a greenshoe option of Rs 500 crore, aggregating up to Rs 1,000 crore. The NCDs have face value of Rs 1,000 each. The lot size is 10 NCDs. The minimum application size would be Rs 10,000.

Adani Enterprise is offering the NCDs in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series, according to the release.

The issue will open on Wednesday and conclude on July 22. The NCDs will be listed on National Stock Exchange Ltd. and BSE Ltd. The allotment will happen on first-come-first basis, the release said.

Nuvama Wealth Management Ltd., Trust Investment Advisors Pvt. Ltd. and Tipsons Consultancy Services Pvt. Ltd. are the lead managers.

Adani Enterprise is the only corporate outside of non-banking financial companies offering debt product to retail investors, the release said.

The company will utilise half of the proceeds from the issuance for the prepayment and full payment of debt, and rest in general corporate needs, the release said.