DBT Bureau
Pune, 3 Jan 2026
Adani Enterprises Limited has announced the launch of its third public issuance of secured, rated, listed redeemable, non-convertible debentures.
“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. The strong response to our previous offerings reinforces trust in our strategy and financial discipline, and we aim to build on that momentum,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group.”As the incubator for India’s next wave of infrastructure, from airports and roads to data centers and green hydrogen, AEL remains focused on creating businesses that will power India’s economic transformation,” he added.
AEL’s second NCD issuance of ₹1,000 crore, launched in July last year, was fully subscribed in 3 hours on the first day. AEL is the only private corporate (outside of NBFCs) offering a listed debt product for retail investors, thereby creating a rare opportunity for individual and non-institutional investors to participate in India’s infrastructure growth story. With the recent rate cuts and a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for the investors.
The proposed NCDs have been rated “CARE AA-; Stable” by CARE Ratings Limited, as per its rating letter dated December 22, 2025, and the accompanying press release outlining the rating rationale dated December 23, 2025. Additionally, the NCDs have been rated “[ICRA]AA- (Stable)” by ICRA Limited, pursuant to its rating letter dated December 20, 2025, and the corresponding press release on the rating rationale dated December 22, 2025.
Securities carrying these ratings are considered to have a high degree of safety with respect to the timely servicing of financial obligations and are associated with very low credit risk.
The base issue size is ₹500 crore, with an option to retain oversubscription of up to an additional ₹500 crore (the “Green Shoe Option”), aggregating to ₹1,000 crore (the “Issue” or “Issue Size”). The Issue will open on January 6, 2026, and close on January 19, 2026, with an option for early closure or extension.
The NCDs have a face value of ₹1,000 each. Each application must be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. Accordingly, the minimum application amount is ₹10,000.
At least 75% of the proceeds from the issuance will be utilized towards the prepayment or repayment or payment, in full or in part, of the indebtedness availed by the Company; and/or any interest on such indebtedness and the balance (up to maximum of 25%) for general corporate purposes.
AEL has validated its core strength of timely execution of large-scale projects during the last six months.
- Navi Mumbai International Airport was inaugurated on 8th October 2025 and its operations commenced on 25th December 2025.
- Google and AdaniConnex announced a partnership in October 2025, to develop India’s largest AI data centre campus and new green energy infrastructure in Visakhapatnam, Andhra Pradesh.
- The “Nanasa-Pidgaon” HAM project was operationalized in September 2025; making it the seventh operational road project.
- Received letter of awards for three new projects, which includes the ropeway project between Sonprayag and Kedarnath in Uttarakhand and two projects in Bihar connecting (i) Munger (Safiabad) to Sultanganj Road; and (ii) Sultanganj Road to Sabour Road, under the hybrid annuity mode model.
Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are the Lead Managers to the Issue.
The NCDs are available in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series.
