Adani Enterprises Announces ₹1,000 cr NCD Issue Offering up to 9.30% Per Annum

New Delhi, July 6, 2025: Adani Enterprises Limited (AEL) has launched its second public issuance of secured, rated and listed redeemable non-convertible debentures (NCDs). AEL’s first NCD issuance of INR 800 crore, launched last September, was fully subscribed on the first day.

“The second public issuance of NCDs by AEL further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group. 

“This new issuance follows the strong market response to AEL’s debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group’s consistent delivery and financial robustness.”

He added, “As the incubator of India’s most critical energy and transport utility platforms, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem.”

AEL is the only corporate (outside of NBFCs) offering a listed debt product for retail investors, thereby creating a rare opportunity for individual and non-institutional investors to participate in India’s infrastructure growth story.

With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for investors.

The proposed NCDs have been rated “Care AA-; Stable” and “[ICRA]AA- (Stable)”. CARE Ratings first upgraded the credit rating of AEL on February 19 and reaffirmed the rating on June 18. ICRA assigned ‘“[ICRA]AA- (Stable)’ rating on March 28 and reaffirmed it on June 17. Securities with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations. Such securities carry very low credit risk.

The base size issue is INR 500 crore with an option to retain over-subscription up to an additional INR 500 crore (“Green Shoe Option”) aggregating up to INR 1,000 crore (“Issue” or “Issue Size”). The Issue will open on July 9 and close on July 22 with an option of early closure or extension.

The NCDs have a face value of INR 1,000 each. Each application will be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. The minimum application size would be INR 10,000.

At least 75 per cent of the proceeds from the issuance will be utilised towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by the company, and the balance (up to a maximum of 25 per cent) for general corporate purposes.

Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are the lead managers to the issue.

The NCDs are available in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series.