Rather from closing on September 17, as planned, Adani Enterprises chooses to close the NCD issue on September 6.
Adani Enterprises declared on Thursday that its ₹800 crore issuance of redeemable non-convertible debentures (NCDs) has been early closed.
The company announced on Thursday in an exchange filing that it had chosen to close the public issuance on September 6 rather than September 17, as previously planned.
“In accordance with Regulation 33A of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, we would like to inform you that the Management Committee of the Board of Directors of the Company, vide a resolution passed on September 5, 2024, has approved an early closure of the Issue on Friday, September 6, 2024, which was scheduled to close on Tuesday, September 17, 2024,” the company stated in the exchange filing.
On Thursday, the shares of Adani Enterprises finished at ₹3,014.85, up 0.8% from the previous market close of ₹3,012.50. Following trading hours, the business announced the early closing of the NCD offering.
An amount of around ₹400 crore was raised by the company through the public offering of 80,00,000 or 80 lakh secured, rated, listed, redeemable, non-convertible debentures, each with a face value of ₹1,000. According to the filing, it also has the option to keep up to ₹400 crore in oversubscription, increasing the total amount of the issuance to ₹800 crore.
According to unidentified individuals cited in the report, “the group plans to launch similar public issues (NCDs) for other group entities.” The insider told the news portal, “This will help reduce the group’s concentration of rupee loans from a limited set of lenders, which currently includes public and private sector banks.”
