Adani Enterprises ₹1,000 Cr NCD Issue Opens July 9

Prime Highlights

Adani Enterprises issues its second public issue of secured non-convertible debentures (NCDs) of up to ₹1,000 crore.
Investors have been offered yields between up to 9.30% p.a. with tenor between 24 to 60 months.

Key Facts

NCD opens on July 9, 2025, and closes on July 22, 2025, with base size of ₹500 crore with an over-allotment facility of ₹500 crore.
NCDs are secured and rated AA– (Stable) by ICRA and CARE Ratings and are backed by 1.10x asset cover.
Minimum size of application is ₹10,000 with retail portion of 30% of the issue.

Key Background

Adani Enterprises Limited (AEL), the group flagship, is also well known for initiating and developing a diversified business portfolio of activity across infrastructure, energy, logistics, and consumer businesses. Issuing its second issue of secured, rated, redeemable Non-Convertible Debentures (NCDs) for mobilizing up to ₹1,000 crore, as per its financial strategy. Offer size is at least ₹500 crore, an opportunity to spill over oversubscription by another ₹500 crore being provided by way of green-shoe option.

The issue will be opened for subscription to the public on 9th July, 2025 and will close on 22nd July, 2025. NCDs carry a credit rating of AA– (Stable) by ICRA and CARE Ratings evidencing high credit quality with very low risk of default. Secured NCDs are charged on the assets of the company with an asset cover of 1.10 times, providing additional comfort to the investors.

The company is issuing different tenure structures: 24 months, 36 months, and 60 months, with annual, quarterly, and cumulative interest payment schemes. The highest effective yield of 9.30% per annum comes on the 60-month annual payout option. Investors have to apply a minimum amount of ₹10,000 (10 NCDs), and the issue has been designed to attract different segments of investors: 30% retail, 30% high net-worth individuals, 30% non-institutional investors, and 10% institutional investors.

Adani Enterprises shall apply at least 75% of the net proceeds from this issue towards prepayment or repayment of existing borrowings, thereby strengthening its balance sheet and reducing its cost of finance. The remaining 25% shall be applied for general corporate purposes. This is consistent with the overall approved capital plan of the company towards the close of 2024 to raise up to ₹2,000 crore in debt instruments.

With a safe fixed return over the market rate and robust asset security coupled with good credit rating, this NCD issue is positioning itself as aiming for moderate-risk, fixed-income investors in the situation of a high-interest-rate environment.