Adani Enterprises Files Draft Prospectus for ₹1,000 Crore NCD Issue

Adani Enterprises has progressed significantly in its debt fundraising initiative, with the management committee approving and filing the draft prospectus for a public issue of non-convertible debentures worth up to ₹1,000.00 crores.

Board and Management Approvals

Following the board of directors' approval on October 8, 2025, to undertake a public issuance of non-convertible debentures of face value ₹1,000.00 each amounting up to ₹3,000.00 crores, the management committee convened on December 23, 2025. The committee approved and adopted the draft prospectus for the NCD issue with revised parameters.

Updated Issue Structure

The management committee has finalized the issue structure with specific provisions for over-subscription:

Parameter	Details
Face Value per NCD	₹1,000.00
Base Issue Size	₹500.00 crores
Over-subscription Option	₹500.00 crores
Total Issue Size	₹1,000.00 crores
Issue Type	Non-Convertible Debentures

Regulatory Filing Process

The company has completed the formal regulatory submission process on December 23, 2025. The draft prospectus has been filed with both BSE Limited and National Stock Exchange of India Limited, with copies forwarded to the Securities and Exchange Board of India (SEBI).

Compliance Framework

This filing represents compliance under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The structured approach with over-subscription provisions demonstrates the company's strategic capital planning.

Strategic Capital Initiative

The NCD issue provides Adani Enterprises with a debt-based fundraising mechanism that maintains the company's equity structure while securing additional financial resources. The over-subscription option of ₹500.00 crores indicates management's confidence in market demand for the instrument and provides flexibility to maximize fundraising based on investor response.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.16%	-0.44%	-7.36%	-8.50%	-3.36%	+384.04%

Adani Enterprises Limited has informed stock exchanges about credit rating assignments and reaffirmations from two prominent rating agencies. The company disclosed these developments in compliance with Regulation 30(6) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

CARE Ratings Limited Assessment

CARE Ratings Limited has assigned and reaffirmed ratings across multiple financial instruments for Adani Enterprises. The rating actions cover a comprehensive range of facilities totaling ₹26,045.00 crores.

Facilities/Instruments	Amount (₹ Crore)	Rating	Action
Non-Convertible Debentures	3,000.00	CARE AA-: Stable	Assigned
Non-Convertible Debentures	1,000.00	CARE AA-: Stable	Reaffirmed
Non-Convertible Debentures	2,000.00	CARE AA-: Stable	Reaffirmed
Commercial Paper	2,000.00	CARE A1+	Reaffirmed
Long-term bank facilities	2,500.00	CARE AA-: Stable	Reaffirmed
Long-term/Short-term bank facilities	15,305.00	CARE AA-: Stable/CARE A1+	Reaffirmed
Short-term bank facilities	240.00	CARE A1+	Reaffirmed

ICRA Limited Rating Actions

ICRA Limited has provided ratings for six categories of financial instruments, including both reaffirmations and assignments for enhanced amounts. The total coverage includes ₹26,744.99 crores across various facilities.

Facilities/Instruments	Amount (₹ Crore)	Rating	Action
Non-convertible debentures	3,000.00	ICRA AA-: Stable	Reaffirmed
Commercial paper	2,000.00	ICRA A1+	Reaffirmed
Long-term Fund-based Term loan	2,500.00	ICRA AA-: Stable	Reaffirmed and Assigned for enhanced amount
Long-term/Short-term Fund-based/Non-fund based Working capital facilities and bank facilities	15,505.00	ICRA AA-: Stable/ICRA A1+	Reaffirmed and Assigned for enhanced amount
Short-term Non-fund based Loan equivalent risk for hedging limit	240.00	ICRA A1+	Reaffirmed
Proposed non-convertible debentures	3,499.99	ICRA AA-: Stable	Assigned

Regulatory Compliance

The company has communicated these rating updates to both BSE Limited and National Stock Exchange of India Limited as part of its disclosure obligations. The notification was signed by Jatin Jalundhwala, Company Secretary & Joint President (Legal), ensuring proper corporate governance protocols are followed.

Both rating agencies have maintained consistent rating levels across similar instruments, with AA- ratings for long-term facilities and A1+ ratings for short-term instruments, reflecting the company's credit profile and financial standing.

Adani Enterprises has received credit rating assignments and reaffirmations from CARE Ratings and ICRA Limited across multiple financial instruments totaling over ₹26,000 crores.