Adani Enterprises announces second public NCD issue worth up to ₹1,000 crore
The new issue opens on July 9, 2025, and will close on July 22, 2025, with the possibility of early closure or extension. The base size of the issue is ₹500 crore, with a green shoe option to retain an additional ₹500 crore, aggregating up to ₹1,000 crore. The NCDs will be offered in tenors of 24 months, 36 months, and 60 months, with quarterly, annual, and cumulative interest payment options across eight series.
'The second public issuance of NCDs by AEL, further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. This new issuance follows the strong market response to AEL's debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group's consistent delivery and financial robustness,' said Jugeshinder 'Robbie' Singh, Group CFO, Adani Group.
The proposed NCDs have been rated 'Care AA-; Stable' and '(ICRA) AA- (Stable)'. CARE Ratings upgraded AEL's credit rating on February 19, 2025, and reaffirmed it on June 18, 2025. ICRA assigned its rating on March 28, 2025, and reaffirmed it on June 17, 2025. Instruments with these ratings are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk.
'As the incubator of India's most critical energy and transport utility platforms including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem. Each of these verticals is poised to play a transformative role in India's journey toward a $5 trillion economy,' Mr. Singh added.
AEL stated that it remains the only corporate (outside of NBFCs) offering a listed debt product aimed at retail investors, creating an opportunity for individual and non-institutional investors to engage in infrastructure development.
'With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for the investors,' the company said in a statement.
The face value of each NCD is ₹1,000, and the minimum application size is ₹10,000 (10 NCDs), with further investment allowed in multiples of one NCD thereafter.
At least 75% of the net proceeds will be used for the prepayment or repayment of existing debt, while the remaining 25% will be used for general corporate purposes, it said.
Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited, and Tipsons Consultancy Services Private Limited are acting as Lead Managers to the Issue, the company said.
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