Adani Enterprises To Raise Rs 1,000 Crore Via NCDs; Issue Opens From July 9
Adani Enterprises Limited (AEL) has announced the launch of its second public issuance of non-convertible debentures (NCDs).
Adani Enterprises Share Price: Adani Enterprises Limited (AEL) has announced the launch of its second public issue of non-convertible debentures (NCDs), aiming to raise up to Rs 1,000 crore. The base issue size stands at Rs 500 crore, with an option to retain oversubscription up to an additional Rs 500 crore under the green shoe option. The issue will open on July 9, 2025, and close on July 22, 2025.
Each NCD will have a face value of Rs 1,000. Investors can apply for a minimum of 10 NCDs, amounting to Rs 10,000, and in multiples of one NCD thereafter. The debentures are proposed to be listed on both the BSE and the National Stock Exchange (NSE), providing liquidity for investors.
The proceeds from the NCD issue will be primarily used for debt reduction. AEL has earmarked at least 75% of the net proceeds for prepayment or repayment of existing borrowings. The remaining 25% will be allocated toward general corporate purposes. This structured allocation highlights the company's intent to strengthen its balance sheet while funding strategic initiatives.
The NCDs will be offered in tenors of 24 months, 36 months, and 60 months, with interest payment options available on a quarterly, annual, or cumulative basis. There are eight series in total, catering to varied investor preferences. The effective yield ranges between 8.95% and 9.30%, depending on the selected maturity period.
AEL had earlier launched its first NCD issue in September 2024, raising Rs 800 crore. That issuance was fully subscribed on the opening day. Commenting on the new offering, Jugeshinder Singh, Group CFO of the Adani Group, said the strong investor response to their debut issue was followed by a credit rating upgrade, which led to capital appreciation for debt investors. He added that AEL is scaling up the next generation of infrastructure businesses across airports, roads, data centres, and the green hydrogen ecosystem.
The NCDs have been assigned a rating of 'CARE AA-; Stable" by CARE Ratings, which was upgraded on February 19, 2025, and reaffirmed on June 18, 2025. ICRA has also rated the instruments '\[ICRA]AA- (Stable)", initially assigned on March 28, 2025, and reaffirmed on June 17, 2025.
The lead managers for the issue are Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited, and Tipsons Consultancy Services Private Limited. Their role will be crucial in managing subscriptions and ensuring the success of the issue.
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