NEW DELHI: Adani Enterprises Limited (AEL) on Tuesday successfully raised ₹1,000 crore through a public issue of non-convertible debentures (NCDs), with the offering getting fully subscribed within just 45 minutes of opening, underscoring strong investor appetite for the group’s debt instruments.
According to stock exchange data, the base issue of ₹500 crore was snapped up in just 10 minutes, while total subscription crossed ₹1,000 crore, including the green shoe option, in under an hour. At the close of the first day, AEL had received bids for 2.19 crore NCDs against an issue size of 50 lakh, as per BSE data.
Strong Demand From Retail Investors
The issue, which opened on Tuesday, will remain open until January 19, 2026, with allotment on a first-come, first-served basis. The NCDs offer an effective yield of up to 8.90% per annum, making them attractive compared to similarly rated debt instruments and traditional fixed deposits.
The issue comprises a ₹500 crore base size with a ₹500 crore green shoe option. The NCDs are proposed to be listed on both NSE and BSE.
Rated ‘AA-’ with a stable outlook by ICRA and CARE Ratings, the bonds are positioned as a relatively secure investment avenue for retail investors seeking exposure to India’s infrastructure growth story.
Use of Proceeds and Tenor Options
At least 75% of the proceeds from the issue will be used to repay existing debt, while the remaining funds may be deployed for general corporate purposes, the company said.
The NCDs are available across 24-month, 36-month, and 60-month tenors, offering investors flexibility through quarterly, annual, and cumulative interest payment options spread across eight series.
This marks AEL’s third major NCD issuance, following its ₹1,000 crore bond issue in July 2025, which was fully subscribed within three hours on the first day, reflecting sustained investor confidence.
Expanding Infrastructure Footprint
Adani Enterprises continues to scale up its infrastructure portfolio across sectors. Key projects include the Navi Mumbai International Airport, which was inaugurated on October 8, 2025, and became operational on December 25, 2025.
In October, Google and AdaniConnex announced a partnership to develop India’s largest AI data centre campus along with new green energy infrastructure in Visakhapatnam, Andhra Pradesh.
The company has also operationalised the Nanasa–Pidgaon HAM road project in September 2025, its seventh active road project, and received letters of award for three new infrastructure projects, including:
- A ropeway connecting Sonprayag and Kedarnath in Uttarakhand
- Two road projects in Bihar under the hybrid annuity model
Lead Managers
The lead managers for the NCD issue are Nuvama Wealth Management, Trust Investment Advisors, and Tipsons Consultancy Services.
With rapid subscription, competitive yields, and a growing portfolio of large-scale projects delivered on schedule, Adani Enterprises’ latest bond issue highlights the company’s improving execution track record and continued access to capital markets.
