Adani Enterprises Limited Announces Maiden Public Issuance Of Secured Non-Convertible Debentures

Adani Enterprises Limited (“the Company” or “AEL”), the flagship company of the Adani Group and one of India’s largest business incubators in terms of market capitalization with a long track record of creating sustainable infrastructure businesses since 1993, has announced the launch of its maiden public issuance of secured, rated, listed redeemable, non-convertible debentures.

The NCDs proposed to be issued under the Issue have been rated “CARE A+; Positive (Single A Plus; Outlook: Positive) by CARE Ratings Limited. Securities with these ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such securities carry low credit risk.

AEL’s offering will include up to 80,00,000 non-convertible debentures (“NCDs” or “Debentures”), each with a face value of   ₹ 1,000. The base size issue is ₹400 crore, with an option to retain over-subscription up to an additional ₹ 400 crore (“Green Shoe Option”) aggregating up to ₹ 800 crore (“Issue” or “Issue Size”). The Issue will open on September 04, 2024, and close on September 17, 2024, with an option of early closure or extension.

The minimum application size for each application for NCDs would be ₹ 10,000 across all series collectively and in multiples of ₹ 1,000 thereafter.

The proceeds from the Issue will be utilized primarily towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by our Company (at least 75%) and general corporate purposes (up to 25%) in compliance with the Securities and Exchange Board of India (Issue And Listing of Non-Convertible Securities) Regulations, 2021, as amended from time to time (“SEBI NCS Regulations”).

Trust Investment Advisors Private Limited, A.K. Capital Services Limited and Nuvama Wealth Management Limited are the Lead Managers to the Issue.

The NCDs are available in tenors of 24 months, 36 months and 60 months with quarterly, cumulative and annual interest payment options across eight series.

Series	I	II	III	IV*	V	VI	VII	VIII
Frequency of Interest Payment	Annual	Cumulative	Quarterly	Annual	Cumulative	Quarterly	Annual	Cumulative
Tenor	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in all Categories	9.25%	NA	9.32%	9.65%	NA	9.56%	9.90%	NA
Effective Yield (% per annum) for NCD Holders in all Categories	9.25%	9.25%	9.65%	9.65%	9.65%	9.90%	9.89%	9.90%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories	₹ 1,000	₹ 1,193.56	₹ 1,000	₹ 1,000	₹ 1,318.34	₹ 1,000	₹ 1,000	₹ 1,603.62
Maturity/Redemption Date (from the Deemed Date of Allotment)	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Put and Call Option	Not Applicable
Face Value/ Issue Price of NCDs (₹/ NCD)	₹ 1,000
Minimum Application size and in multiples of NCD thereafter	₹10,000 (10 NCDs) and in multiple of ₹1,000 (1 NCD) thereafter.
Mode of Interest Payment	Through various modes available
Nature of Indebtedness	Secured

*The Company shall allocate and allot Series IV NCDs (36 months Annual Interest Payment option) wherein the Applicants have not indicated the choice of the relevant NCD Series.

About Adani Enterprises Limited (AEL)

The Adani Group is among India’s top business house incubators in terms of market capitalization and is driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, consumer, and primary industry. Over the years, AEL has seeded new business interests for the Adani portfolio, developed them into sizeable and self-sustaining business verticals, and subsequently demerged them into independently listed and scalable platforms, thereby unlocking value for its shareholders. Since its inception, AEL has incubated some of India’s most scalable businesses and successfully listed them, including by way of demergers, as Adani Ports and Special Economic Zone Limited, Adani Power Limited, Adani Energy Solutions Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited. As of 30 June 2024, the Adani portfolio had a market capitalisation of ₹16,200 billion (approximately US$194 billion) and is one of the largest listed groups by market capitalization in India.