Adani Enterprises Announces ₹1,000 cr NCD Issue offering up to 9.30% p.a.

Adani Enterprises Limited, 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 second public issuance of secured, rated, listed redeemable, non-convertible debentures. AEL’s first NCD issuance of ₹800 crore, launched in September last year, was fully subscribed on the first day.

"The second public issuance of NCDs by AEL, further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. 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," said 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 now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem. Each of these verticals is poised to play a transformative role in India’s journey toward a $5 trillion economy," he added.

AEL is the only 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 the beginning of 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" and "[ICRA]AA- (Stable)". CARE Ratings first upgraded the credit rating of AEL on 19 February 2025 and reaffirmed the rating on 18 June 2025. ICRA assigned ‘"[ICRA]AA- (Stable)’ rating on 28 March 2025 and reaffirmed it on 17 June 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 9 July 2025, and close on 22 July 2025, 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, in full or in part, of the existing indebtedness availed by the Company, and the balance (up to a maximum of 25%) for general corporate purposes.

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.

Series

I II III IV V VI VII VIII Frequency of Interest Payment Annual Cumulative Quarterly Annual Cumulative Quarterly Annual Cumulative Tenor 24 Months 24 Months 36 Months 36 Months 36 Months 60 Months 60 Months 60 Months Coupon (% per annum) for NCD Holders in all Categories 8.95% NA 8.85% 9.15% NA 9.00% 9.30% NA Effective Yield (% per annum) for NCD Holders in all Categories 8.95% 8.95% 9.14% 9.14% 9.15% 9.30% 9.29% 9.30% Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories ₹1,000 ₹1,187.01 ₹1,000 ₹1,000 ₹1,300.70 ₹1,000 ₹1,000 ₹1,560.30 Maturity/Redemption Date (from the Deemed Date of Allotment) 24 Months 24 Months 36 Months 36 Months 36 Months 60 Months 60 Months

Put and Call Option

Not Applicable Face Value/ Issue Price of NCDs (₹/ NCD) ₹1,000 Minimum Application size and in multiples of NCD thereafter ₹10,000 (10 NCDs) and in multiple of ₹1,000 (1 NCD) thereafter.

Mode of Interest Payment

Through various modes available Nature of Indebtedness Secured