Adani Enterprises is heading back to the debt market with its second public issue of non-convertible debentures (NCDs), just 10 months after its first outing got a full thumbs-up from investors. This time, the group is targeting up to ₹1,000 crore, again keeping the door wide open for retail buyers—a move that’s still rare in India’s corporate debt space.
The issue opens on July 9 and, unless something changes, will wrap up by July 22. But, given how the last one went, don’t be surprised if it closes early.
A Familiar Playbook, With a Bigger Purse
Adani Enterprises Limited (AEL), the flagship firm of the sprawling Adani Group, isn’t exactly experimenting here. The company is more or less sticking with the same formula that worked in September 2023, when its ₹800 crore NCD issue got fully subscribed within hours of opening.
This time, the base issue is ₹500 crore. But they’ve added a green shoe option of another ₹500 crore—essentially a way to raise more if investor demand is high. That brings the total possible issue size to ₹1,000 crore.
It’s not just about raising cash for expansion either. AEL has been very clear about what the money will go toward.
At least 75% of the proceeds will be used to repay or prepay existing borrowings. The remaining 25% will be channeled into general corporate activities. So yes, it’s very much about cleaning up the books.
Retail Investors Still Front and Center
What stands out—again—is Adani Enterprises’ decision to target retail investors with a listed debt product.
That’s still an unusual strategy in India, where corporate bond issues are usually reserved for institutional players or ultra-rich HNIs. But AEL is doubling down on retail participation, pitching this as an opportunity to let ordinary investors take part in infrastructure growth.
This structure isn’t some one-size-fits-all plan either. The NCDs come in three tenors—24 months, 36 months, and 60 months—with different payment options depending on the investor’s preference. Across the eight series, options include:
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Quarterly interest payouts
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Annual interest
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Cumulative interest at maturity
It gives retail buyers a level of flexibility they usually don’t get.
What the Numbers Say
Here’s a quick breakdown of the offer:
| Feature | Details |
|---|---|
| Base issue size | ₹500 crore |
| Green shoe option | ₹500 crore |
| Total issue size | ₹1,000 crore |
| Issue opens | July 9, 2025 |
| Issue closes | July 22, 2025 (with early/late closure possible) |
| Tenor options | 24, 36, and 60 months |
| Interest payout frequency | Quarterly, annual, or cumulative |
| Listing | BSE |
| Minimum application amount | ₹10,000 (10 NCDs of ₹1,000 each) |
It’s worth noting that this is a secured offering. That means it’s backed by specific assets, which helps lower risk for bondholders.
Riding High After Strong Market Recovery
Let’s not forget where Adani Group stood just 18 months ago. After the Hindenburg short-seller saga in early 2023, the group faced steep scrutiny and a sharp erosion in market capitalization. Adani Enterprises, in particular, had to defend itself from questions over debt levels and governance.
But things have changed.
The group’s listed companies have seen a remarkable bounce-back in both investor confidence and share prices. Regulatory clearance in multiple probes, as well as the group’s shift towards reducing leverage, have helped turn the tide.
This NCD issue, and its predecessor last year, are both signs of that. Rather than relying heavily on private placements or offshore loans, AEL is choosing the public route—right in the open.
Why This Debt Issue Matters
This isn’t just another fundraise. It could mean a lot of things, depending on which side of the table you’re sitting on.
For investors:
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It’s a rare opportunity to invest in a listed, retail-oriented corporate bond in India.
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With interest rates where they are, even a decent yield from a blue-chip issuer sounds attractive.
For the company:
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It’s a clear signal to the market that AEL is focused on deleveraging.
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The public nature of the issue adds credibility and transparency.
For regulators and financial markets:
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It offers a glimpse of what a more democratized corporate debt market might look like in India.
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If successful again, other big companies might follow suit.
The Road Ahead and Market Watch
Will the issue get oversubscribed again on Day 1? Maybe. Investor appetite is looking strong—especially with the benchmark rates peaking and demand shifting to fixed-income products.
Also, AEL is riding high after its recent inclusion in multiple sustainability indices, which is helping improve its ESG profile. That might just give conservative investors the confidence to park their money for 2-5 years in these NCDs.
One more thing to watch: Adani’s broader debt reduction plan. Group CFO Jugeshinder Singh has previously indicated that they’re targeting a lower net debt-to-EBITDA ratio across all listed entities by the end of FY26. This issue aligns perfectly with that goal.
