New Delhi. Non-Convertible Debenture (NCD) issue of Rs 1,000 crore of Adani Enterprises Limited (AEL), a leading company of Adani Group, was completely subscribed within just three hours of opening on Wednesday, indicating strong credibility of the company in the market.
This NCD issue was opened on Wednesday and was to run till July 22, but due to the complete subscription, it can be closed prematurely, such sources have given information.
Adani Enterprises has promised an annual interest of up to 9.3% in this issue. According to stock exchange data, the issue received more than Rs 1,400 crore bids till 3:30 pm.
The issue was fully involved with non-institutional investors, including retail investors, high net worth individuals (HNI) and corporates.
This is the company’s second public NCD issue. In September last year, the company brought the first NCD issue of Rs 800 crore, which had received 90% subscription on the first day.
The base size of this time was Rs 500 crore, including a Greenshu option of Rs 500 crore, which reached Rs 1,000 crore.
The face value of each debenture is Rs 1,000 and the minimum application started from Rs 10,000 i.e. Rs 10,000.
The company has said that at least 75% of the amount received from this issue will be used in the repayment of existing debt and the remaining 25% will be used for general corporate purposes.
This issue is available in three different periods-24 months, 36 months and 60 months, with quarterly, annual and consolidated interest payment options.
The lead managers of this issue are Nuwama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipstans Consultancy Services Private Limited.
The lead manager said that the biggest feature of this time is that we have received 100% response from retail and corporate investors. This shows how much ‘Adani’ is echoing the brand retail market and investors have full confidence in the company’s credit profile and future prospects.
The post Adani Enterprises: Bond issue of Rs 1,000 crore received in just three hours full subscription appeared first on Buzz | ….
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