In a powerful display of investor confidence, Adani Enterprises Limited (AEL) witnessed its ₹1,000 crore public issue of non-convertible debentures (NCDs) get fully subscribed in a mere 45 minutes after opening on Tuesday. The overwhelming response saw the base issue size of ₹500 crore being snapped up in just about 10 minutes.
Record-Breaking Subscription and Key Details
According to data from the BSE, bids were received for approximately 2.19 crore NCDs against the total issue size of 50 lakh debentures by the end of the first day. The issue, which opened on Tuesday, will remain open for subscription until January 19, 2026, with allotment being made on a first-come, first-served basis.
The company stated that the NCDs offer an effective annual yield of up to 8.90 per cent. The issue has a base size of ₹500 crore, with an additional green shoe option of ₹500 crore, taking the total to ₹1,000 crore. The debentures are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Use of Proceeds and Credit Rating
As reported by PTI, the company plans to utilise at least 75 per cent of the proceeds from this issue for the repayment of existing debt. The remaining amount may be allocated for general corporate purposes.
The instruments have been assigned a credit rating of 'AA-' with a stable outlook by leading agencies ICRA and CARE Ratings, indicating high credit quality with low credit risk. The NCDs are being offered across multiple tenors of 24, 36, and 60 months. Investors have a choice of several interest payment options, including quarterly, annual, and cumulative, spread across eight different series.
Context and Broader Business Momentum
This successful issuance follows AEL's previous ₹1,000 crore NCD issue in July 2025, which was also fully subscribed on the first day, albeit within three hours. The significantly faster subscription this time underscores robust market appetite for the conglomerate's debt instruments.
The fundraising comes at a time when Adani Enterprises is actively expanding its infrastructure portfolio. Recent significant milestones include the operationalisation of the Navi Mumbai International Airport in December 2025 and the announcement of a major partnership between Google and AdaniConnex to develop an AI data centre campus in Visakhapatnam.
The swift subscription highlights sustained investor interest in the Adani Group's growth story and its strategic projects that are pivotal to India's infrastructure development.
