Adani Enterprises announces early closure of ₹1,000 cr NCD issue

Adani Enterprises Ltd (AEL) , the flagship company of the Adani Group, on Thursday announced the early closure of its ₹1,000 crore non-convertible debentures (NCDs) issue. The secured, rated, and listed redeemable NCDs opened for subscription on July 9 and were originally scheduled to close on July 22, 2025. The NCDs are proposed to be listed on both the BSE and NSE.

According to reports, the public issue was fully subscribed within three hours of opening on Wednesday, following an overwhelming response from investors. The offering, which was on a first-come, first-served basis, saw robust participation from the non-institutional segment, including retail investors, high net worth individuals (HNIs), and corporates.

“We would like to inform you that the management committee of the board of directors of the company, vide a resolution passed on July 9, 2025, has approved an early closure of the issue on Friday, July 11, 2025, which was originally scheduled to close on Tuesday, July 22, 2025,” Adani Enterprises stated in a BSE filing today.

Notably, AEL’s ₹800 crore NCD public issue last year, with a face value of ₹1,000 per NCD, was also closed well ahead of its official closing date.

The company’s latest offering had a base issue size of ₹500 crore with a face value of ₹1,000 per NCD, along with a green shoe option to retain oversubscription of up to an additional ₹500 crore. The minimum application size was ₹10,000, requiring a subscription of 10 NCDs at ₹1,000 each.

“The secured, redeemable, non-convertible debentures shall be listed on BSE Limited and National Stock Exchange of India Limited. BSE Limited shall be the designated stock exchange,” the company informed exchanges last week.

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

The company will offer 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.

“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,” said Jugeshinder ‘Robbie’ Singh, Group CFO of Adani Group.

AEL, which has incubated some of India’s leading infrastructure companies - such as Adani Ports & SEZ, Adani Energy Solutions, and Adani Green Energy 0 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.

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

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