Offering retail investors a stake in India’s infrastructure boom, Adani Enterprises Limited (AEL), the flagship of the Adani Group and one of India’s largest listed business incubators, has announced its third public issuance of secured, rated, listed redeemable, non-convertible debentures (NCDs).
"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 issue of Rs. 1,000 crore, launched in July 2025, was fully subscribed in just three hours on the first day. Notably, AEL is the only private corporate outside NBFCs offering listed debt for retail investors, providing a rare chance for individuals and non-institutional investors to participate directly in India’s infrastructure growth story.
With recent rate cuts and a softer interest rate cycle, the new NCDs come at an opportune time for investors seeking stable, fixed-income avenues, offering competitive yields against similarly rated NCDs and fixed deposits.
The proposed NCDs have been rated "Care AA-; Stable" by CARE Ratings Limited and "[ICRA]AA- (Stable)" by ICRA Limited, signaling a high degree of safety and very low credit risk.
The issue is set at a base size of ₹500 crore, with a “Green Shoe Option” to accept over-subscription up to an additional ₹500 crore, potentially aggregating to ₹1,000 crore. The NCDs, each with a face value of ₹1,000, will be available in minimum lots of 10 and in multiples of 1 thereafter, meaning a minimum application of ₹10,000.
The issue opens on 6 January 2026 and closes on 19 January 2026, with the possibility of early closure or extension.
At least 75% of the proceeds will be used to prepay, repay, or service existing indebtedness, while the remaining 25% may fund general corporate purposes.
