Adani Enterprises Launches ₹1,000 Crore NCD Issue with 8.90% Yield
Filing Summary
Adani Enterprises Limited has announced its third public issue of non-convertible debentures (NCDs) totaling ₹1,000 crore. The NCDs offer an effective yield of up to 8.90% per annum and are rated ‘AA-‘ with a ‘Stable’ outlook by ICRA and CARE Ratings. The issue opens on January 6, 2026, and closes on January 19, 2026. The NCDs will be listed on BSE and NSE, with a base issue of ₹500 crore and a green shoe option of an additional ₹500 crore. Proceeds will primarily address company indebtedness and general corporate purposes.
Adani Enterprises Limited has launched its third public issue of secured, rated, listed, redeemable, non-convertible debentures (NCDs) amounting to ₹1,000 crore. The NCDs offer an effective yield of up to 8.90% per annum. The issue is scheduled to open on January 6, 2026, and close on January 19, 2026. The NCDs are proposed to be listed on both the BSE and NSE. The issue comprises a base size of ₹500 crore with a green shoe option to retain oversubscription up to an additional ₹500 crore.
The NCDs have been rated ‘AA-‘ with a ‘Stable’ outlook by both ICRA Limited and CARE Ratings Limited. The ratings indicate a high degree of safety regarding timely servicing of financial obligations and very low credit risk. The face value of each NCD is ₹1,000, with a minimum application size of ₹10,000 for 10 NCDs and in multiples of 1 NCD thereafter. The proceeds from the issuance will be used primarily for the prepayment or repayment of the company’s indebtedness, with at least 75% allocated for this purpose, and the remaining up to 25% for general corporate purposes.
The NCDs are available in tenors of 24 months, 36 months, and 60 months, with options for quarterly, annual, and cumulative interest payments across eight series. The coupon rates vary, with the highest being 8.90% per annum for the 60-month tenor with an annual interest payment option. The redemption amount on maturity for each NCD is ₹1,000, with cumulative options offering higher redemption values.
The issue will be allotted on a first-come, first-served basis, with allotments made in dematerialized form only. The allotment process will be conducted in consultation with the lead managers and designated stock exchange, based on the date of application upload. The NCDs are secured, providing an additional layer of security for investors.
Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited, and Tipsons Consultancy Services Private Limited are the lead managers for the issue. The NCDs offer competitive yields compared to similarly rated NCDs and fixed deposits, presenting a valuable proposition for investors seeking stable, fixed-income avenues.
Adani Enterprises Limited, the flagship company of the Adani Group, is one of India’s largest listed business incubators. The company focuses on building sustainable infrastructure businesses, contributing to India’s economic transformation. Its strategic business investments include green hydrogen, airport management, data centers, roads, and primary industries like copper and petrochemicals.