Adani Enterprises' NCD Issue Sees Unprecedented Demand

Adani Enterprises’ latest non-convertible debenture (NCD) issue, worth Rs 1,000 crore, was fully subscribed within just three hours of opening, showcasing the strong confidence among retail investors, high net-worth individuals (HNIs), and corporates.

Strong Retail Interest Drives Early Closure

The overwhelming response, primarily from the non-institutional segment, has prompted discussions about an early closure of the issue, originally scheduled to conclude on July 22. Bids exceeding Rs 1,400 crore were recorded by 3:30 PM on the opening day.

Details of the NCD Offer

The NCDs, offering an annual interest of up to 9.3%, come with a face value of Rs 1,000. The minimum application is for 10 NCDs (Rs 10,000), with the option for quarterly, annual, or cumulative interest payouts across eight series with varying tenures.

Utilization of Proceeds

According to the company, at least 75% of the proceeds will be allocated to prepay or repay existing debts, with the remainder earmarked for general corporate purposes, underscoring Adani Enterprises' strategic financial planning.

Lead Managers and Market Confidence

The issue is managed by Nuvama Wealth Management Ltd, Trust Investment Advisors Pvt Ltd, and Tipsons Consultancy Services Pvt Ltd, reflecting the market's robust confidence in Adani's credit profile and future outlook.