Adani Enterprises Launches Rs 1,000-crore Third Public Issue of NCDs; Get Up To 8.90% Yield

Adani Enterprises launches its third public non-convertible debenture issue, delivering a listed, secured fixed-income option for retail investors. With AA- rating and 8.90% maximum annual coupon on a 60-month tenure, the offer opens for subscription and provides multiple payout options to align with savings goals.

Adani Enterprises has opened its third public offer of non-convertible debentures worth Rs 1,000 crore, giving retail investors a fresh fixed-income option with rates going up to 8.90% per annum and allocations decided on a first-come, first-served basis.

The flagship Adani Group company plans to use most of the funds to manage existing borrowings while also keeping some portion for routine business needs, as it continues building large infrastructure platforms across airports, roads, data centres and clean energy.

Adani Enterprises NCDs structure and issue terms

The latest Adani Enterprises NCDs issue has a base size of Rs 500 crore and a green shoe option of another Rs 500 crore, taking the overall possible collection to Rs 1,000 crore if investors fully subscribe.

The company will open subscriptions for these NCDs on January 6 and keep the window available until January 19, 2026, with the flexibility to close earlier or extend, while each debenture carries a face value of Rs 1,000.

Investors must apply for at least 10 NCDs and then in multiples of one NCD, which means the minimum application amount is Rs 10,000, making the product accessible to small savers looking for predictable interest income.

Adani Enterprises NCDs ratings, risk profile and listing

This third public issue of Adani Enterprises NCDs is secured, listed, redeemable and non-convertible, and it holds an 'AA-' rating with a 'Stable' outlook from ICRA Limited and CARE Ratings Limited, signalling low credit risk and strong comfort over timely servicing of obligations.

With this structure, Adani Enterprises is currently the only private company outside non-banking financial companies offering a listed debt security targeted at retail investors, adding a different investment segment beyond equities and bank deposits.

Adani Enterprises NCDs interest rates and tenure choices

The Adani Enterprises NCDs come in three tenures of 24 months, 36 months and 60 months, with eight series offering quarterly, annual and cumulative interest payment options, giving investors flexibility to match cash flows with savings goals.

For a 24-month tenure, the coupon is 8.60% per year; for 36 months, investors receive 8.48% annually when paid quarterly and 8.75% when paid once a year, while the 60-month debentures carry a quarterly rate of 8.62% and an annual rate of 8.90%.

Adani Enterprises NCDs proceeds use and issue management

Adani Enterprises plans to use about 75% of the net proceeds from this NCD offer for prepayment, repayment or payment of borrowings, in full or in part, including interest, while the remaining 25% will go towards general corporate purposes.

Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are acting as lead managers for the Adani Enterprises NCDs issue, handling marketing, distribution and regulatory processes for the debt sale.

Adani Enterprises NCDs appeal for retail investors

The Adani Enterprises NCDs are being launched during a phase of softer interest rates after several rate cuts, which could make these fixed coupons more attractive compared with some bank fixed deposits and other traditional savings instruments.

For retail investors, the entry level of Rs 10,000, the range of tenures and the listed nature of the debentures together offer a mix of liquidity and visibility, while the 'AA-' rating and secured structure may appeal to those seeking stable fixed-income avenues.

Explaining the thinking behind the third NCD offer, Group CFO Jugeshinder 'Robbie' Singh said, "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."

Singh also linked the fundraising to the company’s wider role within the group, stating, "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."

Adani Enterprises NCDs follow earlier debt success and project wins

The current Adani Enterprises NCDs come after the company’s second public NCD issue of Rs 1,000 crore in July last year, which reached full subscription within three hours on the opening day, highlighting past demand for its listed debt.

Over the last six months, Adani Enterprises has continued to deliver on large projects across segments, strengthening core operations and reinforcing its position as an incubator for new infrastructure platforms that are later spun off into separate listed entities.

Adani Enterprises NCDs against the company’s market performance

Adani Enterprises shares have outperformed major Indian equity benchmarks over the past five years, with the stock delivering gains of 354% compared with around 75% for the Sensex and 83% for the Nifty in the same period.

As of January 5, 2026, Adani Enterprises trades at Rs 2,279 per share on the BSE, valuing the company at approximately Rs 2.63 lakh crore, and the fresh NCDs offer investors an alternative route to gain exposure beyond price movements in the equity market.

Adani Enterprises Limited, the flagship of Adani Group, has focused for years on developing new infrastructure businesses, contributing to national projects and later separating these ventures into independently listed units, and the latest NCD issue fits within that strategy by funding debt obligations while supporting ongoing expansion plans.