Adani Enterprises launches its 3rd public issue of NCDs of ₹1,000 crore, offering up to 8.90% per annum

Adani Enterprises launches its third public NCD issue, securing an AA- rating and listing on BSE and NSE. With yields up to 8.90% p.a. and a base size of ₹500 crore (₹1,000 crore including the Green Shoe option), the issue targets retail investors seeking stable, long-term infrastructure exposure.

• Issue opens on Tuesday, 6 January 2026, and Issue closes on Monday, 19 January 2026@ • Effective Yield up to 8.90% p.a.* • NCDs rated ‘AA-’ with ‘Stable’ Outlook by ICRA Limited and CARE Ratings Limited • Offers competitive yields compared to similarly rated NCDs and fixed deposits • ₹1000 Cr issue comprises of base issue of ₹500 Cr and a Green Shoe option of up to ₹500 Cr • NCDs are proposed to be listed on BSE and NSE • Allotment by First Come First Served Basis** • AEL’s second NCD issuance of ₹1,000 crore, launched in July last year, was fully subscribed in 3 hours on the first day

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.

• 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.