Adani Enterprises shares in focus; Rs 800 crore NCD issue to open on September 4

Shares of Adani Enterprises Ltd will be in focus on Wednesday morning after the management committee of the board of directors of the flagship Adani group company at its meeting held on August 27 approved and adopted the prospectus with respect to public issue of up to 80,00,000 secured, rated, listed, redeemable, non–convertible debentures (NCDs) of face value of Rs 1,000 each, amounting to Rs 400 crore with an option to retain over-subscription up to Rs 400 crore aggregating up to Rs 800 crore.

The NCD issue, the first since Hindenburg Research allegations last year, would run from September 4 to September 17. The secured redeemable NCDs would be listed on BSE and National Stock Exchange of India (NSE), with BSE being the designated stock exchange.

In a filing to BSE, Adani Enterprises said the date on which the board of directors/or the management committee approves the allotment of NCDs will be determined by the board of directors or the management committee.

"The actual allotment of NCDs may take place on a date other than the deemed date of allotment. All benefits relating to the NCDs including interest on NCDs shall be available to the debenture holders from the deemed date of allotment," it said.

The Adani Enterprises board had earlier in its meeting on August 4 approved undertaking of a public issuance of non-convertible debentures of face value of Rs 1,000 each up to a maximum amount of Rs 1,000 crore. In a filing to BSE, Adani Enterprises said the date on which the board of directors/or the management committee approves the allotment of NCDs will be determined by the board of directors or the management committee.

"The actual allotment of NCDs may take place on a date other than the deemed date of allotment. All benefits relating to the NCDs including interest on NCDs shall be available to the Debenture Holders from the Deemed Date of Allotment," it said.

On Tuesday, Adani Enterprises shares closed at Rs 3,067 on NSE. They are down 5 per cent in the past six months, but still up 5 per cent in 2024 so far.

Adani Enterprises said the principal amount of the NCDs to be issued in terms of the prospectus together with all interest due and payable in respect of the NCDs will be secured by way of a first ranking pari passu charge on the loans and advances outstanding in the books of the company, both present and future such that a security cover of at least 110 per cent of the outstanding principal amounts of the NCDs and interest thereon is maintained at all time until the redemption date.