- Third public NCD offering opens January 6, positioning AEL as a rare retail gateway to India’s infrastructure growth
- AA- rated secured debentures come with flexible tenors, multiple payout options and stock exchange listing
- Previous ₹1,000-crore issue fully subscribed within three hours, underscoring strong investor confidence
- Funds to strengthen balance sheet and accelerate execution across airports, roads, data centres and green energy
- Competitive yields arrive amid a softening interest-rate cycle, enhancing appeal over fixed deposits
- Issue to be allotted on a first-come, first-served basis and listed on BSE and NSE
NE BUSINESS BUREAU
AHMEDABAD, JAN 2
Adani Enterprises Limited (AEL), the flagship company of the Adani Group and India’s largest listed business incubator by market capitalisation, has announced the launch of its third public issuance of secured, rated, listed, redeemable non-convertible debentures (NCDs) aggregating up to ₹1,000 crore, offering investors an effective yield of up to 8.90% per annum.
The public issue will open on Tuesday, January 6, 2026, and close on Monday, January 19, 2026, with an option for early closure or extension, depending on subscription levels. The issue comprises a base size of ₹500 crore, with a green shoe option of up to ₹500 crore.
“This third NCD issuance marks another step in our journey to broaden access to India’s capital markets and give retail investors a stake in long-term infrastructure growth. The strong response to our previous offerings reinforces trust in our strategy and financial discipline, and we aim to build on that momentum,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group.
“As the incubator for India’s next wave of infrastructure, from airports and roads to data centers and green hydrogen, AEL remains focused on creating businesses that will power India’s economic transformation,” he added.
Strong Track Record, Rare Retail Opportunity
AEL’s second NCD issue of ₹1,000 crore, launched in July last year, was fully subscribed within three hours on the first day, highlighting robust investor demand. Notably, AEL is the only private corporate entity outside NBFCs offering a listed debt product to retail investors, making the issue a rare opportunity for individuals and non-institutional investors to participate directly in India’s infrastructure expansion.
With recent rate cuts and a softening interest-rate cycle, the NCD issue is well-timed for investors seeking stable, fixed-income instruments with superior risk-adjusted returns, offering yields that compare favourably with similarly rated NCDs and traditional fixed deposits.
High Credit Quality, Secured Structure
The proposed NCDs have been rated “CARE AA-; Stable” by CARE Ratings Limited and “[ICRA] AA- (Stable)” by ICRA Limited. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations, carrying very low credit risk.
The NCDs are secured in nature, have a face value of ₹1,000 each, and will be listed on both BSE and NSE, ensuring liquidity and transparency.
Utilisation of Proceeds
At least 75% of the net proceeds will be utilised towards the prepayment, repayment or servicing of existing indebtedness, with the remaining up to 25% earmarked for general corporate purposes, further strengthening AEL’s balance sheet.
Execution Momentum Across Core Businesses
Over the last six months, AEL has reinforced its execution credentials across multiple infrastructure verticals:
- Navi Mumbai International Airport was inaugurated on October 8, 2025, with operations commencing on December 25, 2025
- Google–AdaniConnex partnership announced to develop India’s largest AI data centre campus and green energy infrastructure in Visakhapatnam
- Nanasa–Pidgaon HAM road project operationalised, becoming the seventh operational road project
- Three new project awards, including the Sonprayag–Kedarnath ropeway in Uttarakhand and two hybrid annuity road projects in Bihar
Issue Structure and Tenors
The NCDs are offered across eight series with tenors of 24, 36 and 60 months, featuring quarterly, annual and cumulative interest payment options, with effective yields reaching up to 8.90% per annum. Allotment will be on a first-come, first-served basis.
The minimum application size is ₹10,000 (10 NCDs), with investments permitted in multiples of one NCD thereafter.
Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are the Lead Managers to the Issue.
