Adani Enterprises’ Rs 10bn NCD Issue Sells Out Fast

09 Jan 2026 CW Team

The issue, which opened on Tuesday, will close on 19 January 2026, with allotment on a first-come, first-served basis. The NCDs offer an effective yield of up to 8.90 per cent per annum. The base size of the issue is Rs 5 billion, with a green shoe option of an additional Rs 5 billion, and the debentures are proposed to be listed on the BSE and NSE.

Rated AA- with a stable outlook by ICRA and CARE Ratings, the NCDs offer competitive yields compared with similarly rated debt instruments and fixed deposits, providing retail investors an opportunity to participate in India’s infrastructure growth. The debentures are available in 24-, 36- and 60-month tenors, with quarterly, annual and cumulative interest payment options across eight series.

This marks AEL’s second successful NCD issuance in recent months, after its Rs 10 billion issue in July 2025 was fully subscribed within three hours on the first day. At least 75 per cent of the proceeds from the current issue will be used to repay existing debt, with the remainder allocated for general corporate purposes.

AEL continues to expand its infrastructure portfolio, which includes the Navi Mumbai International Airport, the Google–Adani AI data centre campus in Visakhapatnam, and multiple road projects across the country. The Navi Mumbai International Airport was inaugurated on 8 October 2025 and became operational on 25 December 2025. In October, Google and AdaniConnex announced a partnership to develop India’s largest AI data centre campus alongside green energy infrastructure in Visakhapatnam.

The company has also operationalised the Nanasa–Pidgaon HAM road project in September 2025, marking its seventh active road project, and received letters of award for three new projects, including a ropeway connecting Sonprayag and Kedarnath, along with two road projects in Bihar under the hybrid annuity model.

The issue is being managed by Nuvama Wealth Management, Trust Investment Advisors and Tipsons Consultancy Services.

Adani Enterprises Limited’s Rs 10 billion public issue of non-convertible debentures (NCDs) was fully subscribed within 45 minutes of opening, according to stock exchange data. The base issue of Rs 5 billion was taken up in just 10 minutes, with subscriptions crossing the full Rs 10 billion size, including the green shoe option, in under an hour. The issue, which opened on Tuesday, will close on 19 January 2026, with allotment on a first-come, first-served basis. The NCDs offer an effective yield of up to 8.90 per cent per annum. The base size of the issue is Rs 5 billion, with a green shoe option of an additional Rs 5 billion, and the debentures are proposed to be listed on the BSE and NSE. Rated AA- with a stable outlook by ICRA and CARE Ratings, the NCDs offer competitive yields compared with similarly rated debt instruments and fixed deposits, providing retail investors an opportunity to participate in India’s infrastructure growth. The debentures are available in 24-, 36- and 60-month tenors, with quarterly, annual and cumulative interest payment options across eight series. This marks AEL’s second successful NCD issuance in recent months, after its Rs 10 billion issue in July 2025 was fully subscribed within three hours on the first day. At least 75 per cent of the proceeds from the current issue will be used to repay existing debt, with the remainder allocated for general corporate purposes. AEL continues to expand its infrastructure portfolio, which includes the Navi Mumbai International Airport, the Google–Adani AI data centre campus in Visakhapatnam, and multiple road projects across the country. The Navi Mumbai International Airport was inaugurated on 8 October 2025 and became operational on 25 December 2025. In October, Google and AdaniConnex announced a partnership to develop India’s largest AI data centre campus alongside green energy infrastructure in Visakhapatnam. The company has also operationalised the Nanasa–Pidgaon HAM road project in September 2025, marking its seventh active road project, and received letters of award for three new projects, including a ropeway connecting Sonprayag and Kedarnath, along with two road projects in Bihar under the hybrid annuity model. The issue is being managed by Nuvama Wealth Management, Trust Investment Advisors and Tipsons Consultancy Services.

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