Adani Enterprises launches ₹1,000 crore NCD issue, offering yields up to 9.30%

Adani Enterprises Ltd (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) with a total size of up to ₹1,000 crore. The issue opens on July 9 and will remain open until July 22, 2025, unless closed earlier or extended.

This latest NCD offering comes on the back of AEL’s maiden issue in September 2024, which was fully subscribed on the very first day. The company is offering effective yields of up to 9.30% per annum, across eight series with tenors of 24, 36, and 60 months. Interest payment options include quarterly, annual, and cumulative, offering flexibility for investors seeking fixed-income opportunities.

The issue has been rated ‘AA-’ with a stable outlook by both CARE Ratings and ICRA, indicating a high degree of safety with low credit risk. Notably, AEL is the only non-NBFC corporate currently offering a listed debt product tailored for retail investors.

Jugeshinder ‘Robbie’ Singh, Group CFO of Adani Group, stated, “This issuance furthers our commitment to inclusive capital market growth and long-term infrastructure development. It follows the strong response to our debut NCDs, which saw capital appreciation and a credit rating upgrade within six months.”

AEL, which has incubated some of India’s leading infrastructure companies—such as Adani Ports & SEZ, Adani Energy Solutions, and Adani Green Energy—is now focused on scaling next-gen platforms in airports, roads, data centers, and the green hydrogen ecosystem. Singh added that each of these verticals is expected to play a vital role in India’s goal of becoming a $5 trillion economy.

The base issue size is ₹500 crore, with a green shoe option to retain oversubscription up to an additional ₹500 crore. A minimum application size of ₹10,000 (10 NCDs at ₹1,000 each) is required. The NCDs are proposed to be listed on both the BSE and NSE, with allotment on a first-come, first-served basis.

AEL plans to utilise at least 75% of the proceeds to repay existing debt, while the remaining 25% will go towards general corporate purposes.

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