Adani Enterprises shares in focus as Rs 600 crore debt issue likely by mid-August

Shares of Adani Enterprises recovered and entered positive terrain in Tuesday's trade amid a report suggesting the Adani group flagship is looking to launch its first-ever public issue of bonds by mid-August. The Gautam Adani-led firm may raise up to Rs 600 crore, two sources told Reuters. The Adani group firm is scheduled to report its June quarter results on Thursday, August 1. 

Following the Reuters report, Adani Enterprises shares were trading 0.56 per cent higher at Rs 3,106.05 on BSE.

To recall, Adani Enterprises had on July 26 informed stock exchanges BSE and NSE about its intent to undertake public issuance of non-convertible debentures (NCDs) of face value of Rs 1,000 each amounting up to Rs 300 crore, with an option to retain over-subscription up to Rs 300 crore, aggregating up to Rs 600 crore. It approved and adopted the draft prospectus on July 25.

The issue by Adani Enterprises, as per the Reuters report, should open in mid-August after the final approval, one of the sources told Reuters.

Adani Enterprises had decided not to proceed with a debut retail bond offering of up to Rs 1,000 crore last year after the US-based short-seller Hindenburg Research accused the group of stock manipulation and improper use of offshore tax havens. Adani Group denied Hindenburg's allegations but its shares lost more than $150 billion in value before recovering in late 2023.

Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management are the lead arrangers for the issue, the sources said. Adani Group and the lead arrangers did not immediately respond to Reuters' email seeking comment.