Adani Enterprises will issue shares worth INR 200bn ($2.5bn) in an effort to reduce its debt and fuel its expansion objectives. The issue price will be at a discount of 9-13% to its closing share price of INR 3,595.35/share ($44/share) on Wednesday. with retail investors offered an extra 2% discount. Applicants will only have to pay 50% upfront, with the rest payable in instalments. Adani Enterprises’ net debt stood at INR 295.7bn ($3.6bn) as of end-September 2022, financial disclosures show.
Adani’s dollar bonds were trading stable – its 3% 2031s were trading at 83, yielding 5.65%.
For the full story, click here