Billionaire Gautam Adani-led Adani Enterprises has raised Rs 1,250 crore through a local-currency bond sale. The first bond issuance by the company since the Hindenburg report signifies the return of the ports-to-power conglomerate Adani Group to the local corporate bond market.
The company announced in an exchange filing that the funds were raised by issuing 1,25,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) with a face value of Rs 1 lakh each on a private placement basis.
The company last raised funding in September 2022 through the primary placement of bonds at an 8.40% yield for 17 months.
The firm did not disclose the interest rate, but National Securities Depository Ltd (NSDL) data showed that the three-year bond carried an annual coupon of 10%.
The previous bond issue has a spread of 140 basis points over the comparable government bond yield, while the current issue carries a spread of approximately 300 basis points. Unlike government bonds, where interest is paid semi-annually, Adani bonds pay interest annually.
According to data from NSDL, Adani Enterprises pledged 21.4% of the shares of Adani Road Transport to raise the new debt. During the September 2022 bond issue, 1.95% of Adani Road Transport shares were pledged.
