Adani Group: This company of Gautam Adani entered the bond market, issue issued for the first time, action seen in shares.
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Adani Group: Indian industrialist Gautam Adani (Gautam Adani) is witnessing a huge rise in the shares of Mangalore. Meanwhile, news is coming that Adani Ports has decided to enter the bond market for the first time in two years. There was huge demand for the issue of Adani Ports and Special Economic Zone on the very first day of its entry in the bond market. Adani Ports has invested in two listed bonds. The company has invited bids for an investment of about Rs 500 crore. One of these will mature in five years, while the other will mature in ten years at coupons of 7.80% and 7.90% respectively. This decision of the company has come immediately after the Supreme Court’s decision on the Hindenburg Report against Adani Group. While giving the verdict in the case, the Supreme Court had said that apart from the ongoing investigation of SEBI on the company, there is no need for any additional investigation. After the news of the bond came, there was a tremendous rise in the company’s shares. At 1.11 pm, the company’s shares were trading at Rs 1192.50 with a rise of 2.02 percent i.e. Rs 23.65.
The company had received bids worth Rs 10 billion
It is being told that today the bonds of Adani Ports had received bids of up to ₹ 10 billion in the market. However, the firm accepted half of this amount. The bidding parties included India’s top banks and insurance companies. Venkatakrishnan Srinivasan, founder and managing partner of Rockfort Fincap, said the higher coupon may have been offered to appease investors, as the group is currently assessing demand. Adani Ports last raised Rs 10 billion in the bond market in October 2021 at a 6.25% coupon. Trust Investment Advisors was the sole manager of the issue.
Announcement of bringing the bond last week
Adani Ports, which operates 13 ports and terminals in the country, had last week announced its intention to raise up to Rs 50 billion by issuing bonds in the coming months mainly to refinance its existing debt. According to a Reuters report, a banker who arranged the bond issue for the company said that Adani Ports is planning to raise up to ₹10 billion through a public issue soon. Let us tell you that after the decision on Hindenburg in the Supreme Court, there has been a rise of 18 percent in the shares of the group. After this, Gautam Adani regained the title of Asia’s richest man, surpassing the net worth of Reliance owner Mukesh Ambani due to the surge in share prices.
Adani Green will repay the $750 million bond eight months in advance
Adani Green Energy Limited (AGELS) in a move to boost investor confidence on Monday announced plans to repay $750 million of bonds eight months before maturity. Adani Group company AGEN had raised $750 million by issuing non-convertible debentures (NCDs). These bonds are going to mature in September this year. AGEL today announced plans to repay $4.375 million of $750 million notes (Holdco Notes) maturing on September 9, 2024, the company said in a statement. Giving details, the company said that $169 million has been deployed through reserve accounts and internal revenue, while $300 million has recently been invested by TotalEnergies through a joint venture. The remaining $281 million has been raised through preferential allotment to the promoter. AGEN is the country’s largest and world’s leading renewable energy solutions company. It develops, owns and operates grid-connected solar, wind and hybrid renewable energy plants. At present it operates projects with a total capacity of 8.4 gigawatts in 12 states.
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