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19 Nov 2024
Adani Enterprises is set to raise up to ₹800 crore through its first public bond issue, as announced on Wednesday. This issue, slated to be the second-largest in the current fiscal year, will be open for subscription from September 4 to September 17, as per a regulatory filing.
Earlier in May, Motilal Oswal Financial had raised ₹1,000 crore through a public issue, marking the largest bond issue of the fiscal year. Adani's bond offerings will include multiple tenures of two, three, and five years, though the company has not specified the use of the proceeds.
Merchant bankers predict strong demand for Adani's debut bond issue, noting that the attractive yields and the company's brand recognition will likely drive subscriptions quickly. One banker involved in the deal expects full subscription within the initial days, given the higher yields and the company's recovery from recent challenges.
Trust Investment Advisors, AK Capital Services, and Nuvama Wealth Management are leading the arrangement of the issue, which has received an A+ rating from Care Edge. However, the arrangers have not yet commented on the matter.
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