Mumbai, Jan 2 (UNI) Adani Enterprises Ltd (AEL) announced the launch of its third public issue of secured, rated, listed as well as redeemable non-convertible debentures (NCDs) on Friday, with yields up to 8.90 per cent yearly and a base size of Rs 500 crore (Rs 1,000 crore including its ‘Green Shoe’ option).
“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. As the incubator for India’s next wave of infrastructure, from airports and roads to data centres and green hydrogen, AEL remains focused on creating businesses that will power India’s economic transformation,” Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh said.
It may be recalled that AEL’s second NCD issuance of Rs 1,000 crore, launched in July last year, was fully subscribed in three hours on the first day. AEL is the only private (non-NBFC) corporate entity 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.
The proposed NCDs have been rated ‘Care AA-; Stable’ by CARE Ratings Limited in its rating letter dated December 22, 2025. It has been rated AA- (Stable) by ICRA Limited in its rating letter dated December 20, 2025. Securities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations, carrying very low credit risk.
The base size issue is Rs 500 crore, with an option to retain over-subscription up to an additional Rs 500 crore (Green Shoe Option) aggregating up to Rs 1,000 crore issue. The issue will open on January 6, 2026, and close on January 19, 2026, with an option of early closure or extension. The NCDs have a face value of Rs 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 Rs 10,000, according to the statement.
At least 75% of the proceeds from the issue will be utilised towards the prepayment or repayment or payment, in full or in part, of the debt availed by the company; and any interest on such indebtedness and the balance (up to a maximum of 25%) for general corporate purposes, as per the statement.
