Adani Enterprises to sell bonds with 2-5 year maturity, aims to raise Rs 1,000 crore: Report
ADVERTISEMENT Adani Enterprises will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added.
The company will pay an annual coupon of 8.95% on its two-year bonds, 9.15% on three-year bonds and 9.30% on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said.
For investors opting for quarterly payouts, the coupon will be 8.85% on three-year and 9.00% on five-year notes, they added. Adani Enterprises did not reply to a Reuters request for comment.
This marks Adani Enterprises' second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25%, 9.65%, and 9.90% respectively, indicating a 30-60 basis point drop in rates across tenors this time.
ADVERTISEMENT
The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said.
Last month, the company raised $750 million from a group of international banks. In November, U.S. authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with U.S. fundraising.
ADVERTISEMENT Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the U.S. Foreign Corrupt Practices Act. Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing.
ADVERTISEMENT ($1 = 85.6375 Indian rupees)
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
19 minutes ago
- NDTV
Toyota Fortuner Driver Flashes Gun, Thrashed By Haryana Roadways Driver: Video
The bad traffic sense of most Indian road users is an ailing issue, and it has also been a primary reason for road rages. In fact, a few select car models have often been seen as part of such incidents. This time around, a viral video is doing the rounds across various social media platforms, where a Toyota Fortuner brake checks a Haryana Roadways' bus. View this post on Instagram A post shared by Just Indian Trends (@ In the viral video, the driver of the Toyota Fortuner blocked the bus' way and waved a revolver from the window. After attempting to put the lives of bus passengers at risk with the act, the agitated bus driver managed to stop the Fortuner by overtaking it. He then rushed to the SUV, and the very moment the Fortuner's window rolled down, the Haryana Roadways driver flung a slap onto the goon driver's face. After tasting the agitation of the bus driver, the Fortuner driver tried to flee from the spot, but he later crashed the SUV. In fact, the Toyota Fortuner suffered from a huge extent of damage on the right-hand side. Furthermore, it is reported that the driver was arrested by the police. Well, this is indeed a lesson for all the road users who believe the road belongs to them, and they can choose to bully other road users. We should respect roads and road users both, as a minor mistake can lead to fatalities.
NDTV
21 minutes ago
- NDTV
Trump's "Big, Beautiful Bill" Awaits Final Vote: How It Will Impact Indians
Washington: US President Donald Trump's signature tax-and-spending legislation-- " One Big, Beautiful Bill"-- is lined up for final vote over the coming hours in the House of Representatives, the lower chamber of the American Congress. The mega bill, which could define Trump's second term in the White House, has faced an uneasy passage so far. Several members of Trump's own Republican Party have sided with opposition Democrats to criticise the bill for a number of reasons, including the impact on US national debt and healthcare. Trump's sprawling legislation-- which is expected to slash social welfare programs and add an eye-watering $3 trillion to the national debt--was originally approved by the House in May. But it returned to the lower chamber for a rubber stamp after squeezing through the Senate on Tuesday by a solitary vote following several revisions. How The New Version Of The Bill Benefits India Among the revisions in the proposed legislation was a significant dilution of the provision on tax remittances to other countries, including India. In a massive relief for thousands of non-resident Indians (NRIs) and Indian professionals working in the US, who send money back home, the updated draft of the bill released on June 27 showed that the tax rate on remittances was slashed to 1 per cent, down from the 5 per cent proposed originally. The tax rate was brought down to 3.5 per cent in the House version of the bill earlier. The rule will apply to all US residents who aren't US citizens-including Green Card holders, people on temporary visas such as H-1B or H-2A and foreign students. The reduction in tax on all international money transfers will benefit nearly 45 lakh Indians living in the US, including nearly 32 lakh persons of Indian Origin. It will apply to all remittances made via cash, money orders, or cashier's checks. "There is hereby imposed on any remittance transfer a tax equal to 1 per cent of the amount of such tax imposed by this section with respect to any remittance transfer shall be paid by the sender with respect to such transfer," the updated draft of the bill states. The new draft also said that the bill will exempt remittances made from "an account held in or by a financial institution" and those "funded with a debit card or a credit card issued in the United States".
India Gazette
21 minutes ago
- India Gazette
India to elevate bilateral relationship with Ghana to
Accra [Ghana], July 3 (ANI): Prime Minister Narendra Modi on Wednesday (local time) announced that India and Ghana have agreed to elevate their bilateral relationship to the level of a 'Comprehensive Partnership,' under which both countries will also step up defence and security cooperation guided by the principle of 'Security through Solidarity,' with Modi describing India as a 'co-traveller' in the African country's journey toward 'nation-building'. The announcement came after bilateral talks between Prime Minister Modi and Ghanaian President John Mahama in Accra. The visit holds significance as it marks the first by an Indian Prime Minister to Ghana in over three decades. Prime Minister Modi announced that both leaders had agreed to deepen cooperation across multiple sectors. 'The President and I have agreed to elevate our bilateral relationship to the level of a 'Comprehensive Partnership.' India is more than just a partner; it stands as a co-traveller in Ghana's journey toward nation-building,' he said. Emphasising defence and security as a key area of engagement, Prime Minister Modi said both nations would advance their collaboration guided by a shared vision. 'In the defence and security sector, we will progress with the guiding principle of 'Security through Solidarity.' Collaboration will be strengthened in key areas such as armed forces training, maritime security, defence supply chains, and cybersecurity,' he said during the joint press briefing. He also highlighted the strong economic relationship between the two countries. 'Our bilateral trade has crossed USD 3 billion. The Indian companies have invested $2 billion in around 900 projects,' the Prime Minister noted. He described the India-Ghana partnership as one built on common principles and shared struggles for independence. 'At the heart of the India-Ghana friendship lies our shared values, common struggles, and collective aspirations for an inclusive future. The freedom struggles of our two nations have served as a source of inspiration for many others. Even today, Ghana stands as a 'Beacon of Hope' in West Africa, exemplifying the strength of a vibrant democracy and inspiring neighbouring countries,' he said. Earlier, President John Mahama welcomed Prime Minister Modi to Ghana and announced that the Indian leader would be awarded the country's highest civilian honour at a banquet later in the evening. 'Our esteemed guest, Prime Minister Narendra Modi, will be decorated with the prestigious national award of the Office of the Order of the Star of Ghana at a state banquet to be held in his honour this evening. It is a testament to the friendship that exists between the people of Ghana and India...' the Ghanaian President said. This historic visit is likely to deepen the partnership between India and Ghana, and underscores India's commitment to strengthening its engagement with Africa and Global South Partners. (ANI)
