Adani Enterprises (AEL) has announced the launch of its third public issue of secured, rated and listed redeemable non-convertible debentures (NCDs), aggregating up to Rs 10 billion, offering investors returns of up to 8.90 per cent per annum.

The issue comprises a base size of Rs 5 billion, with a green shoe option to retain oversubscription of up to an additional Rs 5 billion. The public issue will open on January 6, 2026, and close on January 19, 2026, with an option for early closure or extension. Each NCD has a face value of Rs 1,000, with a minimum application of 10 NCDs, translating into an investment of Rs 10,000.

“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,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group. “The strong response to our previous offerings reinforces trust in our strategy and financial discipline,” he added.

The proposed NCDs have been rated “CARE AA-; Stable” by CARE Ratings and “[ICRA] AA- (Stable)” by ICRA, indicating a high degree of safety and very low credit risk. AEL’s previous Rs 10 billion NCD issue, launched in July last year, was fully subscribed within three hours on the first day.

At least 75 per cent of the issue proceeds will be used for repayment or prepayment of existing borrowings and interest obligations, while up to 25 per cent will be allocated for general corporate purposes. The NCDs will be offered in tenors of 24, 36 and 60 months, with quarterly, annual and cumulative interest payment options across eight series.

The issue comes at a time of a softer interest rate cycle, offering investors competitive yields compared to similarly rated NCDs and fixed deposits. Nuvama Wealth Management, Trust Investment Advisors and Tipsons Consultancy Services are the lead managers to the issue.