Adani Enterprises to raise ₹1,000 crore via NCDs; issue opens 9 July

Second public NCD issuance by Adani Enterprises offers tenors of 24 to 60 months, interest options across eight series, and listing on both BSE and NSE

Adani Enterprises Limited (AEL) has announced the launch of its second public issuance of non-convertible debentures (NCDs). The base issue size is ₹500 crore, with an option to retain oversubscription of up to ₹500 crore under the green shoe option, taking the total issue size to ₹1,000 crore.

 

The issue will open on 9 July 2025 and close on 22 July 2025.

 

Each NCD has a face value of ₹1,000. Investors can apply for a minimum of 10 NCDs and in multiples of 1 NCD thereafter, setting the minimum application amount at ₹10,000. The NCDs are proposed to be listed on both the BSE and the National Stock Exchange (NSE).

 

AEL will use a minimum of 75 per cent of the net proceeds for prepayment or repayment of existing borrowings. The remaining amount, up to 25 per cent, will be allocated for general corporate purposes.

 

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

 

The effective yield for the NCDs ranges from 8.95 per cent to 9.30 per cent, depending on the maturity period, which varies from 24 months to 60 months. 

 

AEL’s first issuance of NCDs in September 2024 amounted to ₹800 crore and was fully subscribed on the opening day.

 

“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,” said Jugeshinder Singh, Group CFO, Adani Group.

 

“AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centres, and the green hydrogen ecosystem,” he said.

 

The proposed NCDs have been rated “Care AA-; Stable” and “[ICRA]AA- (Stable)”. CARE Ratings had upgraded AEL’s credit rating on 19 February 2025 and reaffirmed it on 18 June 2025. ICRA assigned its rating on 28 March 2025 and reaffirmed it on 17 June 2025.

 

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