Adani Enterprises, the flagship company of billionaire Gautam Adani's conglomerate, is gearing up to launch its third public offering of Non-Convertible Debentures (NCDs) next week. The move is part of the firm's strategy to raise ₹1,000 crore from the market, as confirmed by an exchange filing made on 2 January 2026.
Building on Previous Success
This upcoming fundraising marks the company's third such venture, following a successful second NCD issue in July 2025, which also raised ₹1,000 crore. The consistent approach underscores the group's ongoing strategy to tap into public capital for its ambitious growth plans.
In an official statement, Jugeshinder 'Robbie' Singh, the Group Chief Financial Officer of the Adani Group, highlighted the significance of this issuance. “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,” Singh said. He added that the strong response to previous offerings reflects investor trust in the group's strategy and financial discipline, momentum they aim to continue.
Key Details of the Adani Enterprises NCD Issue
For potential investors, here are the five crucial details about this debt instrument offering:
1. Issue Dates: The NCD issue is scheduled to open for subscription on Tuesday, 6 January 2026, and will close on Monday, 19 January 2026.
2. Offer Size: The total issue size is ₹1,000 crore. This comprises a base issue of ₹500 crore and a greenshoe option of an additional ₹500 crore, allowing the company to retain over-subscriptions.
3. Attractive Yield: The NCDs promise an annual yield of up to 8.90%, a rate positioned competitively against similarly rated instruments and traditional fixed deposits.
4. Allotment and Listing: The allotment will be done on a first-come, first-served basis. The NCDs are set to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), providing liquidity to investors.
5. Application Process: Investors can apply for a minimum of 10 NCDs, with a face value of ₹1,000 each, making the minimum application amount ₹10,000. Applications can be made in multiples of 1 NCD thereafter.
Use of Proceeds and Instrument Structure
The capital raised through this NCD issue will be strategically deployed. A primary use will be for the prepayment or repayment of existing company loans. The remaining proceeds are earmarked for general corporate purposes, providing the company with financial flexibility.
The debentures will offer investors a choice of tenures and interest payout frequencies. They will be available in tenures of 24 months, 36 months, and 60 months. Interest payment options include quarterly, annual, and cumulative payouts across eight different series, catering to diverse investor preferences for cash flow.
The issue is being managed by a consortium of lead managers, including Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited, and Tipsons Consultancy Services Private Limited.
What This Means for the Market and Investors
This third NCD issue by Adani Enterprises signals continued confidence from one of India's largest business groups in the domestic capital market for raising long-term debt. For retail investors, it presents an opportunity to participate in the infrastructure growth story with a fixed-income instrument offering potentially higher returns than conventional bank deposits.
However, as with all market-linked investments, potential subscribers should carefully assess the terms, their own financial goals, and risk appetite. Non-Convertible Debentures are debt instruments that companies issue to raise funds, offering a fixed interest rate over a specified period. While they can be a stable addition to a portfolio, their value is subject to market and interest rate risks.
The successful closure of the previous issue and the current offer's structure suggest a calibrated approach by Adani Enterprises to strengthen its balance sheet while engaging with a broader investor base. The market's response to this issue will be closely watched as an indicator of retail sentiment towards corporate debt and the infrastructure sector.
