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Adani Enterprises to issue 1st-ever public bond next wk to raise Rs 800 cr

The company will sell bonds of multiple maturities including two years, three years and five years. However, it did not disclose what the funds would be used for

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Adani Enterprises, Adani group

It will pay an annual coupon of 9.25 per cent, 9.65 per cent and 9.90 per cent on two-year, three-year and five-year bonds respectively | Image: Bloomberg

Reuters Mumbai

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India's Adani Enterprises plans to raise up to Rs 800 crore ($95.3 million), through its debut public issue of bonds, the company said on Wednesday.
 
The issue, which has a base size and greenshoe option of Rs 400 crore each, will open for subscription on Sept. 4 and will close on Sept. 17, the company said in an exchange filing.
 
The company will sell bonds of multiple maturities including two years, three years and five years. However, it did not disclose what the funds would be used for.
 
It will pay an annual coupon of 9.25 per cent, 9.65 per cent and 9.90 per cent on two-year, three-year and five-year bonds respectively.
 
 
In addition, bondholders will have an option of direct coupon payment at maturity, making the effective yield for the two-year, three-year and five-year bonds the same as the annual coupons.
 
For the three-year and five-year bonds, it will have an option of a quarterly interest payment, and the coupon for these papers is 9.32 per cent and 9.56 per cent.
 
Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management are the lead arrangers for the issue, which is rated A+ by CareEdge.
 
In July, Reuters had reported that the company would launch its maiden retail bond issue in coming weeks.
 
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Aug 28 2024 | 11:06 AM IST

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