Adani Enterprises announces early closure of ₹800-crore NCD issue

Adani Enterprises on Thursday announced the early closure of its ₹800 crore redeemable non-convertible debentures (NCDs) issue.

In an exchange filing on Thursday, the company stated that it had decided to close the public issue on September 6, instead of its scheduled closure on September 17.

“We would like to inform that Management Committee of the Board of Directors of the Company, vide a resolution passed on September 5, 2024, has approved an early closure of the Issue on Friday, September 6, 2024, which was scheduled to close on Tuesday, September 17, 2024, in compliance with Regulation 33A of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021,” the company said in the exchange filing.

Adani Enterprises' shares closed 0.08 per cent higher at ₹3,014.85 on Thursday, compared to ₹3,012.50 at the previous market close. The company disclosed the early closure of the NCD issue after trading hours.

The company's public issue was of 80,00,000 or 80 lakh secured, rated, listed, redeemable non-convertible debentures with a face value of ₹1,000 each, amounting to nearly ₹400 crore. It also has an option to retain oversubscription up to ₹400 crore, making the aggregate size of the issue ₹800 crore, according to the filing.

Adani's retail fundraising plan:

Adani Group also plans to raise nearly ₹40,000 crore from its retail investors in the next three to four years, as the conglomerate aims to diversify its funding sources and hedge its risk, reported Moneycontrol on Thursday.

“The group plans to launch similar public issues (NCDs) for other group entities,” said the anonymous sources quoted in the report. “This will help reduce the group’s concentration of rupee loans from a limited set of lenders, which currently includes public and private sector banks,” the source told the news portal.