Joint venture eyes four-tranche CCD issue amid rising investor interest in hybrid structures; SBI Capital Markets to arrange the \u20b91,378 Cr deal.<\/p>\n
IndianOil-Adani Gas Pvt Ltd, a joint venture between Indian Oil Corporation and Adani Total Gas, is set to raise up to \u20b91,378 crore ($161 million) through compulsorily convertible debentures (CCDs) in what may become one of India\u2019s biggest hybrid fundraises in 2024, after Adani Transmission’s ATL HVDC \u20b9900 crore CCD issuance earlier this year.<\/p>\n
According to sources familiar with the matter, the deal will be structured across four tranches: three tranches of \u20b9350 crore each maturing in one, two, and three years, and a fourth \u20b9328 crore CCD maturing in four years. These CCDs will convert into equity at a future date, allowing the JV to raise capital without immediate dilution, a strategic move amid volatile equity markets and elevated interest rates.<\/p>\n
\n\ud83d\udd39 Deal Size: \u20b91,378 Cr via CCDs
\ud83d\udd39 Tenure: 1 to 4 years
\ud83d\udd39 Arranger: SBI Capital Markets
\ud83d\udd39 Conversion: Equity-linked (deferred dilution strategy)<\/p>\n<\/blockquote>\nAlso Read: Nifty Metal Slumps 2% on Vedanta Short Report, Trump Tariff Jitters<\/a><\/p>\n
Why This Matters for Market Watchers<\/h2>\n
This CCD issuance highlights growing traction in convertible bond structures across Asia, with issuers leveraging them to tap capital while mitigating equity dilution. The IndianOil-Adani JV, which supplies piped natural gas (PNG) and compressed natural gas (CNG), is aligning its fundraising with India\u2019s energy transition goals\u2014targeting 15% gas share in energy mix by 2030.<\/p>\n
In FY24, the JV reported a 23% rise in net income to \u20b944.5 crore, though revenue dropped 14%. Crisil Ratings recently upgraded the firm\u2019s long-term debt to AA-\/Stable, citing scale-up, margin gains, and de-risked projects.<\/p>\n
\n\ud83d\udd39 Stocks to Watch: Adani Total Gas, Indian Oil Corp, other city gas distribution players
\ud83d\udd39 Outlook: CCD issuance to drive valuation optimism; monitor Adani group capital moves<\/p>\n<\/blockquote>\nAlso Check Stock Price:<\/p>\n
\n
- Adani Total Gas Stock Price<\/a><\/li>\n
- Indian Oil Corp Stock Price\u00a0<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
Joint venture eyes four-tranche CCD issue amid rising investor interest in hybrid structures; SBI Capital Markets to arrange the \u20b91,378 Cr deal. IndianOil-Adani Gas Pvt Ltd, a joint venture between Indian Oil Corporation and Adani Total Gas, is set to raise up to \u20b91,378 crore ($161 million) through compulsorily convertible debentures (CCDs) in what may […]<\/p>\n","protected":false},"author":4,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[615],"tags":[],"ppma_author":[1331],"class_list":{"0":"post-11304","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stock-market-news"}," _eael_post_view_count":0,"authors":[{"term_id":1331,"user_id":4,"is_guest":0,"slug":"sourabh","display_name":"Sourabh Sharma","avatar_url":{"url":"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2025\/11\/Sourabh-Sharma.png","url2x":"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2025\/11\/Sourabh-Sharma.png"},"0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":""}],"_links":{"self":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/comments?post=11304"}],"version-history":[{"count":3,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11304\/revisions"}],"predecessor-version":[{"id":11380,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/11304\/revisions\/11380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media\/11305"}],"wp:attachment":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media?parent=11304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/categories?post=11304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/tags?post=11304"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/ppma_author?post=11304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}