Adani Enterprises’ NCD base issue fully subscribed in 10 minutes
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The non-convertible debentures (NCDs) of Adani Enterprises (AEL), the flagship company of the Adani group, was fully subscribed in 10 minutes on Tuesday, raising ₹1,000 crore.
The issue, which opened on Tuesday at 10.13 AM, will close on January 19, 2026. The allotment was on first come, first served basis, offering an 8.9% interest rate per annum.
Data released by the company showed that demand was mainly dominated by corporate investors, who accounted for bids worth ₹521 crore. High net-worth individuals subscribed to ₹16.28 crore while retail investors placed bids for ₹46.74 crore. In total, the company received ₹584.71 crore against base size of ₹500 crore. Institutional investors had not placed any bids as of now.
The company proposed a public issue of secured redeemable non-convertible debentures of face value of ₹1,000 each for an amount up to ₹500 crore, with a greenshoe option of up to ₹500 crore, cumulatively aggregating up to 1,00,00,000 NCDs for an amount aggregating up to ₹1,000 crore.
January 2026
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NCDs are debt instruments issued by companies to raise funds from investors, promising fixed interest payments. Nuvama Wealth Management Ltd, Trust Investment Advisors Pvt Ltd, and Tipsons Consultancy Services Pvt Ltd are the lead managers to the issue.
This is AEL’s third public bond offering. The company last raised ₹1,000 crore in July 2025 through a similar issue across two-, three- and five-year tenors, following its maiden public bond issue in September 2024.
The flagship company of the Adani group issued bonds with two-, three- and five-year maturities, offering multiple payout options to suit different investor preferences. Around 35% of the issue has been earmarked for retail investors.
Under the annual interest payout structure, investors will earn 8.60% on two-year bonds, 8.75% on three-year bonds, and 8.90% on five-year bonds. For those opting for quarterly payouts, the coupons are set at 8.48% for the 36-month tenor and 8.62% for the 60-month tenor. A cumulative option will also be available.
The issue has received AA- (Stable) ratings from CARE Ratings and ICRA, reflecting the company’s credit profile.
The company said at least 75% of the proceeds from the issuance will be utilised towards the prepayment or repayment or payment, in full or in part, of the indebtedness availed by the company; and/or any interest on such indebtedness and the balance (up to maximum of 25%) for general corporate purposes.
At 11.43 AM on Tuesday, shares of Adani Enterprises were trading 0.6% lower at 2,266.00 per share.