Gautam Adani Group’s leading company – Adani Enterprises’ Rs 400 crore non-convertible debenture (NCD) has received a strong response. Retail investors showed interest in the NCD as soon as it opened on Wednesday and it was subscribed by about 121% on its first day. The effective annual yield of this NCD will be 9.25% to 9.90%. This issue will close on September 17.
NCD gets CARE A+ status
The NCD has been rated CARE A+. According to Jugeshinder Robi Singh, Chief Financial Officer (CFO) of Adani Group, securities with this rating are considered safe enough for timely payment of financial obligations and have low debt risk.
Details of NCD
Recently, Adani Enterprises said in a statement that the offering will consist of 80 lakh NCDs, each with a face value of Rs 1,000. The base size of the issue is Rs 400 crore, with an option for additional subscription of up to Rs 400 crore (greenshoe option). Thus, the total size of the issue is Rs 800 crore. The lead managers of this issue are Trust Investment Advisors Private Limited, A.K. Capital Services Limited and Nuvama Wealth Management Limited.
what will happen to the money
The proceeds from the issue will be primarily used for prepayment or repayment of existing debt in full or in part (at least 75 per cent) and general corporate purposes (up to 25 per cent), in accordance with SEBI norms.
share status
Talking about the stock of Adani Enterprises Limited, it closed at Rs 3012.50. The stock closed down by 0.79% compared to the previous day. The stock was at Rs 3,743 in June 2024. This is the 52-week high of the stock. The stock price was Rs 2,142.30 in November 2023. This is the 52-week low of the stock.
