Ahmedabad, 2 January: Adani Group’s flagship company, Adani Enterprises Limited (AEL), on Friday announced its third Non-Convertible Debentures (NCD) issue. The issue size is set at Rs 1,000 crore, offering investors an interest rate of up to 8.9 percent.
The company stated that these NCDs will be secured, rated, listed, and redeemable.
The issue will open on 6 January and close on 19 January. Investors have the option for early closure or extension of the issue. Each NCD will have a face value of Rs 1,000.
Applicants must subscribe to a minimum of 10 NCDs and can apply in multiples of one NCD thereafter.
As India’s largest listed business incubator by market capitalization, AEL mentioned that the minimum application size is Rs 10,000.
The base issue size is Rs 500 crore, with a green shoe option to subscribe for an additional Rs 500 crore in case of oversubscription, taking the total issue size to Rs 1,000 crore.
The NCDs will be available in eight series with tenures of 24 months, 36 months, and 60 months, offering quarterly, annual, and cumulative interest payment options.
Group CFO Jugeshinder ‘Robbie’ Singh said, “This third NCD issue marks another step in our journey to expand access to India’s capital markets and offer retail investors participation in long-term infrastructure growth. The tremendous response to our previous offers has reinforced confidence in our strategy and financial discipline, and we aim to maintain this momentum.”
Singh added, “From airports and roads to data centres and green hydrogen, as the incubator of India’s next wave of infrastructure, AEL is focused on building businesses that will power India’s economic transformation.”
According to the company, at least 75 percent of the proceeds from this issue will be used for prepayment, repayment, or interest payment on existing debt, with the remaining up to 25 percent allocated for general corporate purposes.
AEL’s Rs 1,000 crore second NCD issue, launched in July last year, was fully subscribed within three hours on the first day.
This NCD comes at a time when interest rates are declining and investors are seeking stable income options.
The proposed NCD has received a CARE Ratings AA- Stable rating and an ICRA AA- Stable rating.
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