Ahmedabad, 2 January 2026: Adani Enterprises Limited (“the Company” or “AEL”), the flagship company of the Adani Group and India’s largest listed business incubators in terms of market capitalization with a long track record of creating sustainable infrastructure businesses since 1993, 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 vide its rating letter dated December 22, 2025 and press release for rating rationale dated December 23, 2025 and “[ICRA]AA- (Stable)” by ICRA Limited vide its rating letter dated December 20, 2025 and press release for rating rationale dated December 22, 2025. Securities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.
The base size issue is ₹500 crore, with an option to retain over-subscription up to an additional ₹500 crore (“Green Shoe Option”) aggregating up to ₹1,000 crore (“Issue” or “Issue Size”). The Issue will open on 6 January 2026, and close on 19 January 2026, with an option of early closure or extension.The NCDs have a face value of ₹1000 each. Each application will be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. The minimum application size would be ₹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.
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.
| Series | I | II | III | IV* | V | VI | VII | VIII |
|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Annual | Cumulative | Quarterly | Annual | Cumulative | Quarterly | Annual | Cumulative |
| Tenor | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months |
| Coupon (% per annum) for NCD Holders in all Categories | 8.60% | NA | 8.48% | 8.75% | NA | 8.62% | 8.90% | NA |
| Effective Yield (% per annum) for NCD Holders in all Categories | 8.60% | 8.60% | 8.75% | 8.74% | 8.75% | 8.90% | 8.89% | 8.90% |
| Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories | 1,000 | 1,179.40 | 1,000 | 1,000 | 1,286.45 | 1,000 | 1,000 | 1,531.95 |
| Maturity / Redemption Date (from the Deemed Date of Allotment) | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months |
| Put and Call Option | Not Applicable | |||||||
| Face Value / Issue Price of NCDs (₹ / NCD) | ₹ 1,000 | |||||||
| Minimum Application size and in multiples of NCD thereafter | ₹10,000 (10 NCDs) and in multiple of ₹1,000 (1 NCD) thereafter. | |||||||
| Mode of Interest Payment | Through various modes available | |||||||
| Nature of Indebtedness | Secured | |||||||
* Our Company shall allocate and allot Series IV NCDs (36 months – annual option) wherein the Applicants have not indicated the choice of the relevant NCD Series.
DISCLAIMER OF THE COMPANY: Adani Enterprises Limited ("Company"), subject to market conditions, and other considerations, is proposing a public issue of secured, rated, listed, redeemable non-convertible debentures ("NCDs") and has filed the Prospectus dated December 29, 2025 ("Prospectus"). Investment in the NCDs involves high degree of risk. Investors proposing to participate in the Issue should invest only on the basis of the information contained in the Prospectus. Investors should see the Prospectus filed by Adani Enterprises Limited with the Registrar of Companies, Gujarat, Dadra & Nagar Haveli at Ahmedabad ("ROC"), BSE Limited ("BSE"), National Stock Exchange of India Ltd.("NSE") and Securities and Exchange Board of India ("SEBI"), including the section titled "Risk Factors" and "Material Developments" beginning on pages 17 and 257 respectively of the Prospectus, available on the websites of SEBI at www.sebi.gov.in, BSE at www.bseindia.com, NSE at www.nseindia.com and the websites of the lead managers at www.nuvama.com, www.trustgroup.in, and www.tipsons.com.. Investment in the NCDs involves high degree of risk. Investors proposing to participate in the Issue should invest only on the basis of the information contained in the Prospectus. Investors should see the Prospectus, including the sections titled “Risk Factors” and “Material Developments” beginning on pages 17 and 257 respectively of the Prospectus. The Issuer and the Lead Managers accept no responsibility for statements made otherwise than in the Prospectus or in the advertisement or any other material issued by or at the instance of the Company and that anyone placing reliance on any other source of information would be doing so at their own risk.
DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the Draft Offer Document has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the Draft Offer Document/ Offer Document for the full text of the Disclaimer clause of the BSE Limited.
DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the Disclaimer clause of NSE.
DISCLAIMER CLAUSE OF USE OF BSE ELECTRONIC PLATFORM: It is to be distinctly understood that the permission given by the BSE to use their network and software of the Online system should not in any way be deemed or construed as compliance with various statutory requirement approved by the Exchange; nor does it any manner warrant, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements; nor does it take any responsibility for the financial or other soundness of the Company, its Promoters, its management or any scheme or project of the Company. It is also to be distinctly understood that the approval given by the Exchange is only to use the software for participating in system of making application process.
DISCLAIMER CLAUSE OF USE OF NSE ELECTRONIC PLATFORM: It is distinctly understood by the Issuer that the permission given by NSE to use their Infrastructure should not in any way be deemed or construed as that the compliance with various statutory and other requirements by Adani Enterprises Limited, LMs, etc. are cleared or approved by NSE; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements nor does it take any responsibility for the financial or other soundness of the Issuer, its promoters, its management or any scheme or project of the Issuer. It is also distinctly understood that the approval given by NSE should not in any way be deemed or construed that the prospectus has been cleared or approved by NSE; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents of the prospectus; nor does it warrant that the securities will be listed or will continue to be listed on the Exchange.
DISCLAIMER CLAUSE OF CARE RATINGS LIMITED: The ratings issued by CARE Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. These ratings do not convey suitability or price for the investor and no part of the Material should be construed as an expert advice or investment advice within the meaning of any law or regulation. The rating agency does not constitute an audit on the rated entity. CARE Ratings has based its ratings/outlook based on information obtained from reliable and credible sources. CARE Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information.
DISCLAIMER CLAUSE OF ICRA: ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.
^ Issue shall remain open for subscription on Working Days from 10:00AM to 5:00 PM (Indian Standard Time) during the period indicated above and is subject to early closure or extension. For further details, please refer to the section titled "Issue Related Information" on page 310 of the Prospectus.
* On Series VI and VIII having tenor of 60 months with Quarterly and Cumulative Interest Payment options. For further details please refer to chapter titled ‘Issue Structure' on page 310 of the Prospectus dated 29 December 2025 (“Prospectus”) filed with the Registrar of Companies, Gujarat, Dadra & Nagar Haveli at Ahmedabad.
** Basis of Allotment: Allotment in the issue will be made in dematerialised form only. Allotments in consultation with the lead managers and designated stock exchange shall be made on the basis of the date of upload of each application into the electronic platform of the stock exchanges, in each portion subject to the allocation ratio. However, from the date of over subscription and thereafter, the allotment shall be made to the applicants on proportionate basis. For further details please refer "basis of allotment" on page 364 of the prospectus.
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