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Adia’s still shopping in India
Adia buys into Officer’s Choice maker: The Abu Dhabi Investment Authority (Adia) picked up a little over 1.5 mn shares, or roughly 0.5%, in Indian liquor producer Allied Blenders and Distillers (ABDL) — known for Officer’s Choice whiskey — at an average price of INR 650 apiece, according to bulk transaction data on the BSE. That puts the purchase at about INR 975 mn (USD 11 mn). SBI Mutual Fund bought another 3.4 mn shares in the same block.
The sellers: Promoter Bina Kishore Chhabria offloaded 5.5 mn shares, a 1.96% stake, for about INR 3.6 bn. That cut the promoter group’s combined holding to 78.95% from 80.91% as the company works toward India’s minimum public shareholding rules. ABDL shares rose as much as 5.1% after the transaction, even though the company’s net income fell 18.7% y-o-y to INR 454 mn in the April-June quarter on global supply chain disruptions.
IN CONTEXT- Adia has been active in India’s listed market this month: the sovereign fund offloaded more of its stake in eyewear retailer Lenskart earlier this week.
Air upsizes its debut bond
Dubai shisha maker Air priced its senior unsecured notes at USD 425 mn, USD 25 mn above the initial USD 400 mn it set out to raise when launching the offering earlier this week, Zawya reports. The five-year notes, which can’t be called for the first two years, carry a 7.875% coupon. That is tighter than initial price thoughts of 8.25-8.5%, after books topped USD 850 mn (including USD 20 mn in JLM interest), making the issuance roughly twice covered.
The details: The notes are backed by Nasdaq-listed parent Air Global and some of the issuer’s subsidiaries. S&P is expected to rate them BB-, alongside Moody’s existing Ba3 rating. The issuance settles on 1 October and will list on the International Stock Exchange. Proceeds will repay outstanding term loans and revolving credit facilities, with the remainder going to general corporate purposes.
ADVISORS- Goldman Sachs International and Citi are joint global coordinators and bookrunners, with Citi also serving as billing and delivery bank. Deutsche Bank and Cantor Fitzgerald are joint lead managers and bookrunners.
