Adani NCD challenge: Adani Enterprises launches Rs 1,000 crore NCD offer at 9.3% yield, aims to repay debt

Adani Enterprises Ltd (AEL), the flagship firm of the Gautam Adani-led conglomerate, has introduced a public challenge of secured, rated, listed, redeemable non-convertible debentures (NCDs) value up to Rs 1,000 crore, providing yields of up to 9.3% every year.The NCD challenge, which opens for subscription on July 9 and closes on July 22, marks AEL’s second such providing to the general public. The base challenge dimension is Rs 500 crore, with a green-shoe choice to retain oversubscription up to an extra Rs 500 crore, PTI reported.In a press release on Sunday, AEL stated the NCDs might be accessible in tenors of 24, 36 and 60 months, and can offer a spread of curiosity fee choices together with quarterly, annual, and cumulative constructions throughout eight collection. Each NCD has a face worth of Rs 1,000, with a minimal software requirement of Rs 10,000.“This new issuance follows the strong market response to AEL’s debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months — reflecting the group’s consistent delivery and financial robustness,” stated Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group.“As the incubator of India’s most critical energy and transport utility platforms — including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy — AEL is successfully scaling the next generation of infrastructure businesses across airports, roads, data centres, and the green hydrogen ecosystem,” Singh added.The proceeds from the problem might be used primarily for debt compensation, with at least 75% earmarked for prepayment or compensation of present borrowings, and up to 25% for basic company functions, the corporate stated.AEL’s newest providing comes amid a softening rate of interest cycle, providing retail and non-institutional buyers a comparatively excessive fixed-income various. According to the corporate, the NCDs are priced competitively compared with equally rated debt and glued deposits.The NCDs have been rated “CARE AA-; Stable” by CARE Ratings and “[ICRA]AA- (Stable)” by ICRA. CARE Ratings had first upgraded AEL’s credit standing in February 2025 and reaffirmed it in June 2025, whereas ICRA assigned its score in March and reaffirmed it final month. Instruments with this score are thought-about to carry a excessive diploma of security concerning well timed servicing of economic obligations and really low credit score danger.AEL’s first public NCD challenge in September 2024 — a Rs 800 crore providing — was totally subscribed on day one. The firm claims it stays the one non-NBFC company providing listed debt merchandise tailor-made for retail buyers.The lead managers for the problem are Nuvama Wealth Management Ltd, Trust Investment Advisors Pvt Ltd and Tipsons Consultancy Services Pvt Ltd.