Adani Enterprises has announced the early closure of its ₹1,000-crore public issue of non-convertible debentures (NCDs) after receiving an overwhelming market response. The company's management committee approved the early closure decision, with the NCD issue now closing on January 8, ahead of the originally scheduled closing date of January 19.

Exceptional Market Response

The bond sale demonstrated remarkable investor appetite, being fully subscribed within 45 minutes of opening. According to stock exchange data, the base issue of ₹500.00 crore was snapped up in just 10 minutes, while subscription crossed the full ₹1,000.00 crore mark—including the greenshoe option—in under an hour. This marks the third NCD issuance by the company, following a previous ₹1,000.00-crore issue that was fully subscribed in three hours.

NCD Issue Structure and Terms

The NCD issue comprises secured, rated, listed and redeemable NCDs with attractive investment terms for retail investors.

Investment Options and Fund Utilization

The bonds were available across multiple tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series. The company offered an effective yield of up to 8.90% per annum, which is higher than similarly rated NCDs and fixed deposits. The bonds have been rated 'AA-' investment grade with a 'stable' outlook by ICRA and CARE Ratings.

At least 75% of the proceeds from the issuance will be utilized towards the repayment of existing debt, while the balance will be used for general corporate purposes. This strategic approach indicates the company's focus on optimizing its debt structure and strengthening its financial position.

Management Commentary and Market Performance

Jugeshinder 'Robbie' Singh, group CFO at the Adani Group, commented on the successful 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. The strong response to our previous offerings reinforces trust in our strategy and financial discipline, and we aim to build on that momentum."

Shares of Adani Enterprises settled 0.70% higher at ₹2,274.50, reflecting positive market sentiment ahead of the announcement. Nuvama Wealth Management Ltd. Trust Investment Advisors Pvt. and Tipsons Consultancy Services Pvt. served as the lead managers to the issue.

Adani Enterprises witnessed exceptional investor response as its ₹1,000 crore public issue of non-convertible debentures was fully subscribed within 45 minutes of opening on January 6. The flagship Adani Group company's base issue of ₹500 crore was completely sold out in just 10 minutes, reflecting robust investor appetite for high-rated corporate debt.

Swift Subscription Timeline

The secured NCD offering opened at 10:21 am and received overwhelming response from investors across categories. Despite being scheduled to remain open until January 19 with allotment on a first-come, first-served basis, the entire issue was oversubscribed in under an hour.

Investor Category Breakdown

Non-institutional investors emerged as the dominant force behind the issue's success, accounting for the largest portion of subscriptions. The company's disclosure revealed strong participation across different investor segments by mid-morning.

Issue Structure and Pricing

Adani Enterprises structured the offering with multiple maturity options to cater to diverse investor preferences. The bonds carry attractive annual coupons across different tenures, with an effective yield of up to 8.90% per annum.

Key Issue Features

• Base issue size: ₹500 crore
• Total issue size: ₹1,000 crore (including greenshoe option)
• Credit ratings: CARE AA- (Stable) and ICRA AA- (Stable)
• Interest payment options: Annual, quarterly, or cumulative structure
• Listing: BSE and NSE
• Fund utilization: At least 75% for debt repayment, balance for general corporate purposes

Recent Infrastructure Expansion

The successful bond issuance comes amid significant infrastructure developments by Adani Enterprises. The company has demonstrated strong execution capabilities across multiple large-scale projects in recent months.

Market Context and Performance

This represents Adani Enterprises' second major NCD issuance, following a previous ₹1,000 crore offering that was fully subscribed in three hours. The rapid subscription reflects strong investor confidence in the company's infrastructure growth story and credit profile.

Nuvama Wealth Management, Trust Investment Advisors, and Tipsons Consultancy Services are serving as lead managers for the issue, facilitating the smooth execution of this oversubscribed offering. The NCDs offer competitive yields compared to similarly rated debt and fixed deposits, providing retail investors an opportunity to participate in India's infrastructure development.