Adani Shares Flat After Early Closure OF NCD Issue, Firm Receives Approval For $10B Semiconductor Unit In Mumbai

Shares of Adani Enterprises were muted on Friday after the company announced the early closure of its non-convertible debentures issue.

What Happened: The Gautam Adani led company informed of the early closure of its ₹800 crore redeemable non-convertible debentures (NCDs) issue, in a press filing on Thursday. The NCD issue, which opened on 4 September, was scheduled to close on 17 September.

The company’s offering included a public issue of up to 80 lakh secured, rated, listed, redeemable NCDs with a face value of ₹1,000 each, totalling ₹400 crore, with an option to retain oversubscription of up to ₹400 crore, bringing the total to ₹800 crore, the company said in a statement in August.

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The Adani Group is also planning to raise between ₹30,000 crore and ₹40,000 crore from retail investors over the next three to four years to diversify funding sources and reduce risk, as per a Moneycontrol report.

Additionally, it has received approval from Maharashtra’s cabinet panel for a $10 billion (₹83,947 crore) to establish a semiconductor chip manufacturing facility in Taloja, Panvel, the country’s Deputy Chief Minister Devendra Fadnavis wrote in a post on X. The investment proposal was put forth by a joint venture between Tower Semiconductor and the Adani Group.

Located in Navi Mumbai’s Raigad district, the semiconductor facility will initially have a capacity of 40,000 wafer starts per month in its first phase, eventually reaching a total capacity of 80,000 wafer starts per month.

Of the total project investment, ₹58,763 crore will be allocated in the first phase, with the remaining ₹25,184 crore coming in in the second phase, Fadnavis added. The project will have the capacity to create over 5,000 jobs, Fadnavis added.

Price Action: Shares of Adani Enterprises were trading flat at ₹3,012.20 on Friday morning.

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