New Delhi, Sep 4 (IANS) Subscription for the first retail NCD (non-convertible debenture) of Adani Group’s flagship company Adani Enterprises Limited (AEL) opened for general investors from Wednesday.
AEL plans to raise Rs 800 crore through this retail NCD. Adani Enterprises will issue 80 lakh non-convertible debentures with a face value of Rs 1,000 under this issue. The base size of this issue is Rs 400 crore. It also has a green shoe option or over subscription of Rs 400 crore. Thus, the total retail NCD issue size of the flagship company of Adani Group is Rs 800 crore.
AEL’s retail NCD has received a positive rating of A+ from credit rating agency CARE. The company will pay investors an annual interest of 9.90 percent on this bond. The maturity period of NCD is 24 months, 36 months and 60 months. Investors have been given three options to receive interest in its eight series – quarterly, lump sum and yearly. The last date to invest in these NCDs is September 17.
According to the information given by the company, these NCDs will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Of the amount raised through this issue, 75 percent will be used by the company to repay the debt and 25 percent will be used for general corporate expenses.
One lot of AEL’s retail NCD is of 10 units. Hence, a minimum investment of Rs 10,000 will be required to bid for the issue. Its allotment will be done on a ‘first come, first served’ basis. AEL is India’s largest business incubator in terms of market capitalization. The company’s portfolio includes emerging businesses like solar and wind manufacturing, roads and airports.
In the first quarter of FY 2024-25, the profit of Adani Portfolio increased by 50.1 percent year-on-year to Rs 10,279 crore. At the same time, EBITDA has increased by 32.9 percent year-on-year to Rs 22,570 crore during this period.
–IANS
ABS/ABM
