Adani Enterprises to sell 2-5 year debt at public bond sale next week

MUMBAI: Indian billionaire Gautam Adani’s flagship firm plans to raise up to 10 billion rupees ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday.

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.

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.