Adani Enterprises to Raise ₹3,000 Crore via NCDs in Second Fundraising Round This Year

The board of Adani Enterprises has sanctioned proposals to issue up to ₹3,000 crore in the form of non-convertible debentures (NCDs) with the company, it said in a filing to an exchange on 8 October 2025. The fundraising can be carried out in a single or a series of tranches and through private placement, a public issue, or otherwise available routes, with a flexible design that provides the company with a variety of channels through which to tap into debt markets. (The Economic Times)

The question being posed by the investors is, Is this increased NCD programme a sign that Adani is steadily returning to the bond market, or is this an attempt to prop up liquidity after listed problems?

What Exactly Is The Company Planning To Do?

• Size and structure: The board green-lighted raising up to ₹3,000 crore through rated, listed, redeemable NCDs, to be issued in one or several tranches depending on market conditions and investor appetite. (The Economic Times)

• Routes available: The firm may use private placements, a public offer, qualified institutional placements, or preferential allotment, giving management discretion to pick the most efficient channel. (The Economic Times)

• Timing and tenor: The company has not fixed exact timelines or tenor bands for this programme; those will be decided tranche-by-tranche and announced via regulatory filings. Market observers expect any private placements to target large mutual funds and insurance investors. (Reuters)

This gives Adani Enterprises tactical flexibility, but it also means specifics, coupons, tenor, and listing plans will determine investor interest as each tranche is launched.

How Does This Follow July’s ₹1,000 Crore Issuance?

• Recent precedent: In July 2025, Adani Enterprises issued ₹1,000 crore in NCDs through which ICICI Prudential Mutual Fund anchored ₹300 crore, and that issue had yields of up to approximately 9.30 per cent (effective yields fluctuated across tenors) and was oversubscribed within a short time. (Adani Enterprises)

• From retail to institutional focus: The July issue included a sizeable retail component and listed options; the new ₹3,000 crore approval appears structured to allow both institutional private placements and public tranches as needed. (Adani Enterprises)

• Rating and market signal: Recent NCDs were rated AA- (Stable) by agencies, helping the company place bonds at competitive coupons. Continued access at similar ratings would be a positive signal that credit markets remain willing to lend to the group. (Adani Enterprises)

Put simply, the ₹3,000 crore plan builds on the July transaction and could scale up Adani’s debt-market tapping if appetite persists.

Will the Fundraise Strengthen Market Confidence?

• Coupons and tenors on each tranche. Pricing will determine whether the paper attracts long-duration institutional demand or is aimed at short-term liquidity. A coupon in line with the July issuance (around 8.7–9.3%) would likely draw substantial bids; significantly higher yields would raise questions about funding cost. (The Economic Times)

• Use of proceeds. Management previously said July proceeds would repay debt and support subsidiaries; clarity on how the ₹3,000 crore is used (capex, refinancing, inter-company loans) will shape investor perception. (Adani Enterprises)

• Tranche mix (private vs public). A private placement skewed to mutual funds and insurers could be priced and executed quickly; a large public tranche will require broader retail and HNI interest. (Reuters)

• Group-level scrutiny and regulatory backdrop. While the group has regained footing since 2023, any fresh regulatory developments or credit-profile shifts could affect secondary spreads and demand. (Reuters)

If executed well, this programme could become a steady source of debt capital for Adani Enterprises; if priced poorly or timed badly, it could raise funding costs and test investor patience.

Conclusion

The proposed issue of ₹3,000 crore NCDs by Adani Enterprises is another testament to its faith in the domestic debt market after successfully raising ₹1,000 crore NCDs in July. The company seems to be keen on enhancing liquidity and facilitating growth strategies without being too liberal in terms of its financing and investment preferences. Could the pricing, ratings, and utilisation of proceeds reveal whether this surge will sustain its momentum or signal a tightening in the capital market?

References

The Economic Times
Reuters
Adani Enterprises
The Economic Times