Opening Date
4 Sep 2024
Closing Date
6 Sep 2024
Yield
Upto 9.90%
Tenure
Upto 60 Months
Ongoing IPO
Opening Date
4 Sep 2024
Closing Date
6 Sep 2024
Time to close
Yield
Upto 9.90%
Tenure
Upto 60 Months
| Issue Size (Including Green Shoe Option) | 800 | ||
| Face Value | 1000 | ||
| Coupon | Upto 9.90% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 23 Sep 2024 | ||
| Listing Date (Tentative) | 26 Sep 2024 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 17:00 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI | VII | VIII |
Nature Of NCDs | Secured Redeemable Non-Convertible Debentures | |||||||
Who Can Apply | Everyone | |||||||
Tenure | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months |
Frequency of Interest payment | YEARLY | CUMULATIVE | QUARTERLY | YEARLY | CUMULATIVE | QUARTERLY | YEARLY | CUMULATIVE |
Best Coupon Rate (% p.a.) for: | ||||||||
Category 1 | 9.25 % | -N.A.- | 9.32 % | 9.65 % | -N.A.- | 9.56 % | 9.90 % | -N.A.- |
Category 2 | 9.25 % | -N.A.- | 9.32 % | 9.65 % | -N.A.- | 9.56 % | 9.90 % | -N.A.- |
Category 3 | 9.25 % | -N.A.- | 9.32 % | 9.65 % | -N.A.- | 9.56 % | 9.90 % | -N.A.- |
Category 4 | 9.25 % | -N.A.- | 9.32 % | 9.65 % | -N.A.- | 9.56 % | 9.90 % | -N.A.- |
Effective Yield (% p.a.) for: | ||||||||
Category 1 | 9.25 % | 9.25 % | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.89 % | 9.90 % |
Category 2 | 9.25 % | 9.25 % | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.89 % | 9.90 % |
Category 3 | 9.25 % | 9.25 % | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.89 % | 9.90 % |
Category 4 | 9.25 % | 9.25 % | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.89 % | 9.90 % |
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BondsIndia is an online platform for fixed-income securities such as IPOs, bonds, 54EC bonds, and fixed deposits. With a cumulative pedigree of 50+ years in the bond market, we aim to democratize the market for common investors by stationing detailed insights, expert advice, and keeping a close watch on the market sentiment. BondsIndia brings up-to-date information when IPOs go live, fixed deposits with higher interests, and bonds with competitive price before anyone else.
BondsIndia ditches the traditional ways of investing by offering a Technology based platform for investors that ensures instant online settlements and reduces counter-party risks. Choose BondsIndia for its sleek interface, fail-safe communication and step-by-step guide to ensure a well-placed bid. You can apply for Edelweiss Financial Services Limited IPO on BondsIndia's website.
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Application process on BondsIndia platform is simple and seamless.
Reach out to on info@bondsindia.com for more questions. Thank you for tuning in with BondsIndia.
AEL, incorporated in the year 1993, is the flagship company of the Adani group with the promoter group holding 72.60% stake $$in the company as on December 31, 2023. AEL, on a standalone basis, has mainly integrated resources management IRM coal $$trading, power trading and mining services businesses. AEL, on a consolidated basis, has diversified businesses, which include $$solar cell and module manufacturing, agro processing including sale of branded edible oil, commodities trading, bunkering $$fueling of ships and shipping. AEL, through its subsidiaries, has invested significant funds in coal mining and related rail $$evacuation infrastructure in Australia and is currently incubating new businesses including airports, road development, water $$treatment plant, data centres, among others.
Successful incubation track record of AEL and continuation of need-based support from promoters
Successful incubation track record of AEL and demonstrated support of its promoters towards various businesses reiterates strategic importance of AEL. The combined market capitalization of the Adani group stood at u20b913.33 lakh crore as on December 31, 2023. The promoters continue to hold 72.60% in AEL as on December 31, 2023. The pledged shares of promoters in AEL have steadily reduced to 0.17% as on December 31, 2023. In March 2023 and August 2023 promoters have raised around u20b99,600 crore through partial stake sale in AEL in secondary market to GQG partners, leading to dilution of 4.97% stake in AEL.
Leading position of AEL in coal trading business in India
AEL, with its established business relations with coal suppliers of Indonesia, Australia and South Africa, has evolved as Indiau2019s largest importer of thermal coal catering to the requirement of both private and public sector undertaking (PSU) clients. In FY23, AELu2019s coal trading volume stood at 88 MT a y-o-y increase of 37% over FY22. The revenue increased from around u20b949,000 crore in FY22 to around u20b999,000 crore in FY23, in line with increase in coal prices and volume with range bound PBILDT margin at 3.82% in FY23. In 9MFY24, trading volume stood at 57 MT with improvement in PBILDT margin to 9.07%.u00a0 Going forward, sustenance of profitability in coal trading segment shall be key rating monitorable.
Stable mining volumes in FY23, but with disruption witnessed in one large mine of AEL
AEL has also secured contracts for mines with various counterparties and therefore number of operating mines have increased from one in FY18 to five in FY23. Nevertheless, the coal supply volumes remained stable at 29.77 MT in FY23 due to lower volumes in Parsa Kante Coal Block (PEKB) which led to range bound income during FY23 and 9MFY24 along with moderation in operating margins to 39% in FY23 and 9MFY24 from 46% in FY22.
Ramp up in commercial production from Australia mine
The coal dispatch from Carmichael mine at Australia has reportedly commenced in February 2022 with mining capacity of 11 million metric tonne (MMT). In FY23, Carmichael mine shipped 7.30 MT coal and reported TOI of u20b95,391 crore with PBILDT margin of 23%. The coal volume further increased to 8.30 MT in 9MFY24. Healthy ramp up in coal volumes augur well for the strong cash flow generation for AEL.
On-going regulatory scrutiny albeit with restored financial flexibility of the group
Consequent to the release of short seller report, the Adani group (including AEL) witnessed significant volatility in the equity share prices and international bond market which posed challenge to financial flexibility of the group. Nonetheless, significant reduction in promoter pledge in many of the group entities (including AEL) alongwith raising of equity by promoters through secondary market route offset the steep impact.
Risk associated with commodity price movement, foreign exchange rate fluctuations and regulatory changes in its coal trading business
AELu2019s imported coal trading business faces regulatory risks besides price risk, as the coal prices are mainly linked to the International Coal Price Indexes. Out of the total coal imported by AEL, a large part have back-to-back supply contract according to the company management. Apart from that, AEL maintains around 20-30 daysu2019 inventory in order to meet the spot demand from its customers.
Inherent regulatory risk and traffic risk for the infrastructure business
AEL is exposed to the inherent regulatory risk related to delay in the receipt of tariff order for airports business and traffic risk for its toll roads business due to various macro-economic factors beyond the control of the company. Greenfield toll roads of Ganga Expressways further elevates the traffic risk. However, longer concession period of 30 years for toll projects under Ganga Expressway and construction grant to be received from Authority are expected to offer some respite. AELu2019s mine developer and operator (MDO) business is also exposed to the inherent environmental and regulatory challenges.
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