Adani Enterprises Limited's Rs 1,000 Crore NCD Issue Fully Subscribed In 3 Hours
Adani Enterprises Limited's (AEL) second public issuance of secured, rated and listed redeemable, non-convertible debentures (NCD) worth Rs 1,000 crore was fully subscribed within three hours of opening on Wednesday.
The bond issue received bids worth over Rs 1,400 crore by 15.30 hours, the stock exchange data showed.
The offering was on a first-come, first-served basis, which saw participation entirely from the non-institutional segment, including retail investors, high net worth individuals (HNIs) and corporates.
The issue, which was to close on July 22, is likely to see early closure due to the issue being fully subscribed.
According to market experts, what sets this bond issue apart is the strong participation from the non-institutional segment, retail HNIs and corporate investors as the company's fundamentals and credit profile remain robust.
The base size issue is Rs 500 crore, with an option to retain over-subscription up to an additional Rs 500 crore (Green Shoe Option), aggregating up to Rs 1,000 crore, according to the flagship company of the Adani Group.
The NCDs have a face value of Rs 1,000 each. Each application has a minimum of 10 NCDs and multiples of 1 NCD thereafter. The minimum application size is Rs 10,000.
The NCDs offer competitive yields compared to similarly rated NCDs and fixed deposits and are proposed to be listed on the BSE and the NSE. The proposed NCDs have been rated "Care AA-; Stable" and "(ICRA) AA- (Stable)", according to the company.
AEL's first NCD issuance of Rs 800 crore, launched in September last year, was fully subscribed on the first day.
At least 75 per cent of the proceeds from the issuance will be utilised towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by the company, and the balance (up to a maximum of 25 per cent) for general corporate purposes.
The NCDs are available in tenors of 24 months, 36 months, and 60 months with quarterly, annual and cumulative interest payment options across eight series, said the company.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
13 minutes ago
- Economic Times
L&T building up agility, tech, capex for new focus
Synopsis L&T is reinforcing agility and tech-led diversification to secure its future. With substantial cash reserves, the company plans a Rs 1.5 lakh crore strategic capital expenditure over five years, targeting semiconductors, green hydrogen, data centers, and real estate. L&T aims to reshape its portfolio through strategic divestments and investments, focusing on growth and profitability. SN Subrahmanyan Mumbai: Larsen & Toubro (L&T) is doubling down on agility, capital discipline and tech-led diversification to future-proof its 85-year-old business empire. Backed by Rs 50,000 crore in cash reserves and virtually no debt, the company has lined up Rs 1.5 lakh crore in strategic capex over the next five years—focused on semiconductors, green hydrogen, data centres and real estate. In an expansive interview, chairman and managing director SN Subrahmanyan, 65, said the $30-billion conglomerate is reshaping its portfolio to ensure long-term relevance and profitability. At the heart of this is L&T's operating mantra: 'Grow to sell, sell to grow.' Performing businesses are scaled and monetised, while underperformers are exited or wound down. This approach has seen L&T divest from ports, airports, renewables and electricals to unlock capital for new bets. 'Real estate, semiconductors, green energy and data centres are our next growth frontiers,' said Subrahmanyan. The company's realty arm is on track to develop 100 million sq ft of space, which would place it among India's top two developers. L&T's semiconductor design business, launched two years ago, now has 400 engineers and seven global clients.
Time of India
13 minutes ago
- Time of India
Big GST cut may rev up demand for small cars, hatchbacks likely to attract 18% tax against 28% now
Small cars are likely to be placed in the 18% tax slab, substantially reducing the tax burden on them, people familiar with the matter said. Small cars of 4 metres and less in length and engine capacity up to 1,200 cc (petrol, CNG and LPG) now attract 28% GST and 1% cess. Large cars and SUVs are likely to face the special rate of 40%, they said. Currently, these vehicles attract 43-50% tax, which includes GST and cess. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads NEW DELHI: The proposed goods and services tax (GST) recast could perk up the small passenger car market, which has been under pressure for some time amid a growing preference for larger vehicles such as SUVs. Small cars are likely to be placed in the 18% tax slab, substantially reducing the tax burden on them, people familiar with the matter said. Small cars of 4 metres and less in length and engine capacity up to 1,200 cc (petrol, CNG and LPG) now attract 28% GST and 1% cess. Large cars and SUVs are likely to face the special rate of 40%, they said. Currently, these vehicles attract 43-50% tax, which includes GST and will likely be no change in the GST rate for electric vehicles, currently at 5%, the people Minister Narendra Modi announced an overhaul of the eight-year-old indirect tax in his Independence Day speech on Friday. 'We are bringing next-generation GST reforms. This will reduce the tax burden across the country. This will be a gift ahead of Diwali,' he had said in his said the Centre has proposed a two-slab structure, retaining the 5% and 18% rates and scrapping the 12% and 28% levies. A 40% special rate has been proposed for six-seven items, they to the proposal sent to the group of ministers (GoM) on rate rationalisation set up by the GST Council ahead of Modi's speech, daily-use items are likely to be placed in the 5% bracket, while aspirational consumption items for the middle class and industrial goods are likely to face 18% GoM will take up the proposal this week, the officials said. A final decision on the proposal will be taken by the GST Council, likely in the third week of September, ET reported Sunday. White goods such as dishwashers and large televisions are also expected to be placed in the 18% bracket, down from 28%, which could boost consumption demand further.'If there is an 11% reduction in GST, the ex-showroom price of small cars will come down by 12-12.5%,' said VG Ramakrishnan, managing partner at Avanteum Advisors . 'Even if the absolute cut is in the range of Rs 20,000-25,000, it will be a huge positive on consumer sentiments.'The tax reset is likely to spur demand at the more affordable end of the market. But with compact SUVs like Hyundai Exter and Tata Punch in the sub-4-metre fray, this uptick may not remain limited to the hatchback segment.'Car buyers today are aspirational and have access to financing solutions. And some of them are preferring to jump directly from a two-wheeler to compact SUVs rather than a small hatchback,' said the head of a major automobile dealership based in Delhi-NCR. Total levies on small cars stand at 41-42%, he said. This includes GST, registration tax levied by state authorities and of compact cars and hatchbacks fell 13% to about one million units in FY25 from the year before, less than half that of SUVs at about 2.35 million, industry data accessed by ET sales rose 10.2% in FY25. The share of small cars in the overall passenger vehicle market fell for the fifth straight year to a low of 23.4% in FY25. It dropped further to 21% in the first four months of the fiscal year, which has seen an overall slowdown in car veterans attributed the drop to a 30-40% jump in small car prices over the past five-six years due to tighter safety and emission norms.'Entry-level consumers are not able to afford cars because of high prices,' said Partho Banerjee, senior executive officer, marketing and sales, at market leader Maruti Suzuki , in an interaction earlier this month.
Time of India
34 minutes ago
- Time of India
India gets its first privately funded institute for maths research
Representational Image MUMBAI: India, said Fields medallist Manjul Bhargava, must fall in love with mathematics again. Not as a "drudgery of formulae" but as an act of "exploration". Bhargava, Canadian by nationality but of Indian origin, believes classrooms need an overhaul-"experimental, playful," he said, with teachers "trained" to spark curiosity. Speaking to TOI on the sidelines of the launch of the Lodha Mathematical Sciences Institute (LMSI), he added: "I'm happy with the new textbooks and the changes brought in them. But they will only show impact in a few years." On the scientific advisory council of LMSI, Bhargava will lead sessions on arithmetic statistics, its new developments, and future directions. State cabinet minister Mangal Prabhat Lodha called it a school "not for an individual, not for a business, but for the nation that always prioritised knowledge over all and for India that gave so much math to the world." Entirely devoted to post-doctoral research, LMSI is India's first privately funded mathematics institute, backed by Lodha Foundation with a Rs 20,000 crore endowment. "We realised that for any nation to become strong, we ought to have original thinking and promote innovation," said Abhishek Lodha, CEO and MD of Lodha Developers. The privately funded mathematics research institute in the country is completely free, he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo Founding director V Kumar Murthy-who earlier led Toronto's Fields Institute-described math as the hidden scaffolding of modern life: the foundation for finance, engineering, and technology. Economist Nachiket Mor, also on the advisory panel, noted that models built in the West often collapse in India because they rarely account for "unique characteristics" like limited liquidity and higher viscosity of adjustment. "This reality makes it all the more urgent for us to build deep capacity mathematics," he said. Murthy explained that LMSI would begin not with students but with teachers. Ten senior number theorists have been chosen to seed the effort. As president, Murthy said he plans to travel across the country, meeting mathematicians firsthand and mapping who is doing what. The aim is to build a network where the "brightest minds" are spotted early, handpicked, and nurtured. By Dec 2026, LMSI will host the first Indian Congress of Mathematicians, showcasing contributions of Indian-origin mathematicians worldwide.
