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Informist, Wednesday, Jul 31, 2024

 

--Sources: Adani Enterprises to raise funds via public issue of debt

--Sources: Adani Ent may raise up to 6 bln rupees via public issue

--Sources: Adani Ent may tap the mkt with public issue by early Aug

 

By Sachi Pandey

 

MUMBAI – Adani Enterprises Ltd plans to tap the bond market with its maiden public issue of non-convertible debentures by early August, sources aware of the development told Informist.

 

The Indian multinational conglomerate plans to raise up to 6 bln rupees through the public issue, which may have a base size of 3 bln rupees and a greenshoe option of 3 bln rupees. Although the tenure of the debt has not been finalised, the company is expected to offer bonds maturing in two and three years, according to sources. 

 

"Yes, they are definitely planning, they are there in the market. But when will they tap, with what amount, I won't be able to share as nothing has been finalised yet," an arranger involved in the issue said. 

 

On Jul 25, the company had filed a draft prospectus with the Securities Exchange Board of India to raise up to 6 bln rupees through a public issue. The company's bonds are rated 'A+' by CARE Ratings.

 

The company has been in talks with potential investors and arrangers for its maiden public issue. Trust Investment Advisors Pvt Ltd, Nuvama Wealth Management, and A.K. Capital Services Ltd are said to be the lead managers for the issue, the sources said.

 

The company has been in talks to raise funds through the debt market since October 2022. However, it temporarily halted plans for a bond offering after Hindenburg Research accused it of misusing offshore tax havens and manipulating stocks. The Adani Group denied these allegations.

 

At 1515 IST, shares of Adani Enterprises were up 1.2% at 3,166.40 rupees on the National Stock Exchange.  End

 

Edited by Avishek Dutta

 

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