Adani Enterprises’ ₹1,000 Cr NCD Issue Subscribed in 45 minutes
Adani Enterprises Limited (AEL) witnessed overwhelming investor demand on Tuesday as its ₹1,000 crore public issue of non-convertible debentures (NCDs) was fully subscribed within 45 minutes of opening, exchange data showed.
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The base issue of ₹500 crore was snapped up in just 10 minutes. With the green shoe option of another ₹500 crore, total subscriptions crossed the ₹1,000 crore mark in under an hour.
Issue Details and Yield on Offer
The NCD issue opened on Tuesday and will close on January 19, 2026. Allotment will be made on a first-come, first-served basis.
According to the company, the NCDs offer an effective yield of up to 8.90 per cent per annum. The debentures are proposed to be listed on both the BSE and the NSE.
The instruments carry a rating of ‘AA-’ with a stable outlook from ICRA and CARE Ratings, indicating a high degree of safety.
Tenors and Investment Options
The NCDs are available across eight series with tenors of 24, 36, and 60 months. Investors can choose from quarterly, annual, or cumulative interest payment options.
Company officials said the offering provides retail investors with competitive returns compared to similarly rated debt instruments and bank fixed deposits, while also allowing participation in India’s infrastructure growth story.
Use of Proceeds and Investor Confidence
At least 75 per cent of the proceeds from the issue will be used to repay existing debt. The remaining amount may be deployed for general corporate purposes.
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This is AEL’s second NCD issuance in recent months. A ₹1,000 crore NCD issue launched in July 2025 was fully subscribed within three hours on the first day, underscoring sustained investor confidence.
Expanding Infrastructure Portfolio
AEL continues to scale up its infrastructure presence across the country. Key projects include the Navi Mumbai International Airport, which was inaugurated on October 8, 2025 and became operational on December 25, 2025.
In October, AEL announced a partnership with Google and AdaniConnex to develop India’s largest AI data centre campus along with green energy infrastructure in Visakhapatnam.
Road Projects and New Awards
The Nanasa–Pidgaon hybrid annuity model (HAM) road project became operational in September 2025, marking AEL’s seventh active road project.
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The company has also received letters of award for three new projects. These include a ropeway connecting Sonprayag and Kedarnath, along with two road projects in Bihar under the HAM framework.
Lead Managers for the Issue
The NCD issue is being managed by Nuvama Wealth Management, Trust Investment Advisors, and Tipsons Consultancy Services.
Market participants said the swift subscription reflects confidence in AEL’s execution capability and balance sheet strength.
