Adani Enterprises maiden retail bond issue oversubscribed

economictimes.indiatimes.com:

Adani Enterprises’ first-ever non-convertible debentures (NCDs) issuance has received bids of Rs 716 crore on the opening day, higher than the base issue size of Rs 400 crore. The overall issue, open for subscription for a fortnight, was oversubscribed 1.8 times.

The NCDs, rated CARE A+ (Positive) by CARE Ratings Ltd., offer an effective yield of up to 9.9% annually across eight series, with tenors ranging from two to five years. The issue, launched Wednesday and is scheduled to close on September 17, includes a green shoe option to raise an additional Rs 400 crore, potentially taking the total fund mobilization to Rs 800 crore.

According to a banking source, more than 8,500 applications were received on Day 1, with all investor categories—corporate, HNI, and retail—nearly oversubscribed by 2x. The high demand, coupled with the first-come, first-served allotment process, suggests that the issue may close earlier than September 17.

The bonds are offered with various payment structures, including annual, cumulative, and quarterly options. The highest yield of 9.9% is available on the 5-year bonds, while shorter tenors of 24 months offer yields between 9.25% and 9.65%.

These secured NCDs provide a security cover of 1.1 times and do not include put or call options.

Trust Group, AK Capital, and Nuvama Wealth Management are the arrangers for this issue.