New Delhi: Adani Enterprises Limited's (AEL) Rs 1,000 crore public issue of non-convertible debentures (NCDs) was lapped up within 45 minutes of opening, according to stock exchange data. The base issue of Rs 500 crore was snapped in just 10 minutes, and subscription crossed Rs 1,000 crore - after including the greenshoe option - in under an hour. According to BSE data, AEL received bids for 2.19 crore NCDs against an issue size of 50 lakh at the close on the first day.
The issue, which opened on Tuesday, closes on January 19, 2026, with allotment on a first-come, first-served basis. It offers an effective yield of up to 8.90 per cent per annum, according to the company. The base size is Rs 500 crore, with a green shoe option of an additional Rs 500 crore. NCDs are proposed to be listed on BSE and NSE and will be allotted on a first-come, first-served basis.
Rated 'AA-' with a stable outlook by ICRA and CARE Ratings, the NCDs offer competitive yields compared to similarly rated debt and fixed deposits, giving retail investors an opportunity to participate in India's infrastructure growth. AEL's second NCD issuance of Rs 1,000 crore in July 2025 was fully subscribed in just three hours on the first day, reflecting strong investor confidence. Proceeds from at least 75 per cent of the issue will be used to repay existing debt, while the balance may be deployed for general corporate purposes, the statement said.
The NCDs are available in 24, 36 and 60-month tenors, with quarterly, annual, and cumulative interest payment options across eight series. AEL continues to expand its infrastructure footprint, including Navi Mumbai International Airport, the Google-Adani AI data centre campus in Visakhapatnam, and multiple road projects across India. Lead managers for the issue are Nuvama Wealth Management, Trust Investment Advisors and Tipsons Consultancy Services.
Over the past six months, AEL has showcased its ability to execute large-scale projects on time. The Navi Mumbai International Airport was inaugurated on October 8, 2025 and became operational on December 25, 2025. In October, Google and AdaniConnex announced a partnership to develop India's largest AI data centre campus along with new green energy infrastructure in Visakhapatnam, Andhra Pradesh.
The Nanasa-Pidgaon HAM road project was operationalised in September 2025, marking AEL's seventh active road project. Additionally, AEL received letters of award for three new projects, including a ropeway connecting Sonprayag and Kedarnath in Uttarakhand, and two Bihar road projects - Munger (Safiabad) to Sultanganj Road, and Sultanganj Road to Sabour Road - under the hybrid annuity model.
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