Adani Enterprises Limited Announces Maiden Public Issuance of Secured Non-Convertible Debentures

Ahmedabad:  Adani Enterprises Limited (“the Company” or “AEL”), the flagship company of the Adani Group and one of India’s largest business incubators in terms of market capitalization with a long track record of creating sustainable infrastructure businesses since 1993, has announced the launch of its maiden public issuance of secured, rated, listed redeemable, non-convertible debentures. 

The 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   ₹ 1,000. The base size issue is ₹400 crore, with an option to retain over-subscription up to an additional ₹ 400 crore (“Green Shoe Option”) aggregating up to ₹ 800 crore (“Issue” or “Issue Size”). The Issue will open on September 04, 2024, and close on September 17, 2024, with an option of early closure or extension.

The minimum application size for each application for NCDs would be ₹ 10,000 across all series collectively and in multiples of ₹ 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%) and general corporate purposes (up to 25%) 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”).

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.