Adani NCD issue: Adani Enterprises launches Rs 1,000 crore NCD offer at 9.3% yield, aims to repay debt

Adani Enterprises Ltd (AEL), the flagship company of the Gautam Adani-led conglomerate, has announced a public issue of secured, rated, listed, redeemable non-convertible debentures (NCDs) worth up to Rs 1,000 crore, offering yields of up to 9.3% per annum.The NCD issue, which opens for subscription on July 9 and closes on July 22, marks AEL’s second such offering to the public. The base issue size is Rs 500 crore, with a green-shoe option to retain oversubscription up to an additional Rs 500 crore, PTI reported.In a statement on Sunday, AEL said the NCDs will be available in tenors of 24, 36 and 60 months, and will offer a range of interest payment options including quarterly, annual, and cumulative structures across eight series. Each NCD has a face value of Rs 1,000, with a minimum application requirement of Rs 10,000.“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.“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 successfully scaling the next generation of infrastructure businesses across airports, roads, data centres, and the green hydrogen ecosystem,” Singh added.The proceeds from the issue will be used primarily for debt repayment, with at least 75% earmarked for prepayment or repayment of existing borrowings, and up to 25% for general corporate purposes, the company said.AEL’s latest offering comes amid a softening interest rate cycle, offering retail and non-institutional investors a relatively high fixed-income alternative. According to the company, the NCDs are priced competitively when compared with similarly rated debt and fixed deposits.The NCDs have been rated “CARE AA-; Stable” by CARE Ratings and “[ICRA]AA- (Stable)” by ICRA. CARE Ratings had first upgraded AEL’s credit rating in February 2025 and reaffirmed it in June 2025, while ICRA assigned its rating in March and reaffirmed it last month. Instruments with this rating are considered to carry a high degree of safety regarding timely servicing of financial obligations and very low credit risk.AEL’s first public NCD issue in September 2024 — a Rs 800 crore offering — was fully subscribed on day one. The company claims it remains the only non-NBFC corporate offering listed debt products tailored for retail investors.The lead managers for the issue are Nuvama Wealth Management Ltd, Trust Investment Advisors Pvt Ltd and Tipsons Consultancy Services Pvt Ltd.