Adani Enterprises Launches Second Public NCD Issue Worth Up to ₹1,000 Crore
Adani Enterprises Limited (AEL), the flagship company of the Adani Group, has announced the launch of its second public issue of secured, rated, listed, redeemable non-convertible debentures (NCDs). This follows its successful debut NCD offering in September 2023, which raised ₹800 crore and was fully subscribed on the first day. The latest issue will open for subscription on July 9, 2025, and will close on July 22, 2025, with the option for early closure or extension depending on investor response.
The base size of the issue is ₹500 crore, with a green shoe option to retain oversubscription of an additional ₹500 crore, aggregating up to ₹1,000 crore. The NCDs will be available in tenors of 24, 36, and 60 months, and investors can choose from quarterly, annual, or cumulative interest payment options across eight different series. Each NCD has a face value of ₹1,000, with a minimum application size of ₹10,000 (10 NCDs), and in multiples of one NCD thereafter.
The instruments have been rated “CARE AA-; Stable” and “(ICRA) AA- (Stable)”, indicating a high degree of safety and low credit risk. These ratings were reaffirmed recently by both agencies based on the company’s strong financial profile and consistent delivery.
Jugeshinder ‘Robbie’ Singh, Group CFO of Adani Group, stated that this second NCD issuance underscores AEL’s commitment to deepening retail participation in capital markets and supporting long-term infrastructure development. He highlighted that AEL serves as the incubator for critical national infrastructure platforms, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy. The company is also expanding into emerging sectors such as airports, roads, data centers, and green hydrogen.
AEL emphasized that it remains the only non-NBFC corporate issuer of listed debt products aimed at retail investors. With the beginning of a softer interest rate cycle, the company believes this NCD issue offers investors a timely and attractive fixed-income investment option with competitive yields.
