Adani Enterprises Launches Rs 1,000 Crore NCD Issue Offering Up to 9.30% Interest, Opens July 9

Ahmedabad — Adani Enterprises Limited (AEL) on Sunday announced its second public offering of secured, rated, and listed redeemable non-convertible debentures (NCDs) worth Rs 1,000 crore.

The NCD issue will open on July 9 and close on July 22, with the option for early closure or extension. The NCDs offer interest rates of up to 9.30% per annum.

Each NCD has a face value of Rs 1,000, with a minimum application requirement of 10 NCDs (Rs 10,000), and applications can be made in multiples of one NCD thereafter.

These NCDs offer attractive returns compared to other similarly rated NCDs and fixed deposits and will be listed on both the BSE and NSE. The NCDs have been rated "CARE AA-; Stable" and "(ICRA) AA- (Stable)".

AEL’s first NCD offering of Rs 800 crore, launched in September last year, was fully subscribed on its opening day.

“The second NCD issuance by AEL further demonstrates our commitment to broadening retail participation in India’s long-term infrastructure growth,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group. “Our first NCD issue received a strong response, with investors gaining capital appreciation following a credit rating upgrade within six months, underscoring the financial strength of the Group.”

As the incubator of some of India’s most significant energy and transport platforms, such as Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now actively expanding into next-generation infrastructure sectors, including airports, roads, data centers, and green hydrogen.

“These sectors will play a critical role in India’s path to becoming a $5 trillion economy,” Singh added.

At least 75% of the funds raised from this NCD issue will be used to prepay or repay existing borrowings, while up to 25% will be allocated for general corporate purposes.

The NCDs are available in tenures of 24 months, 36 months, and 60 months, with flexible interest payment options—quarterly, annual, or cumulative—across eight different series.

The base issue size is Rs 500 crore, with a green shoe option to retain an additional Rs 500 crore, taking the total potential issue size to Rs 1,000 crore.

Adani Enterprises is currently the only corporate (excluding NBFCs) offering listed debt products specifically targeted at retail investors, presenting a unique opportunity for individuals and non-institutional investors to be part of India’s infrastructure growth journey.

The NCD issue is well-timed for investors looking for stable fixed-income investment options, especially with recent interest rate cuts and a softening interest rate environment.

CARE Ratings first upgraded AEL’s credit rating on February 19, 2025, and reaffirmed it on June 18.

With inputs from IANS