Adani Enterprises has officially launched its third public issue of secured, rated, listed redeemable Non-Convertible Debentures (NCDs), aiming to raise ₹1,000 crores with competitive yields ranging from 8.48% to 8.90% per annum. The issue opens on January 6 and closes on January 19, marking another significant milestone for the flagship company of the Adani Group. The company has structured this offering with a base size of ₹500 crores and a greenshoe option of up to ₹500 crores, providing flexibility based on market response.

Comprehensive NCD Structure and Investment Options

The NCDs offer investors eight series across three maturity periods with flexible interest payment options, catering to diverse investor preferences. Each NCD carries a face value of ₹1,000 with a minimum application requirement of 10 NCDs, making the minimum investment ₹10,000. The bonds are available in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options.

Strong Credit Ratings and Market Track Record

The proposed NCDs have secured strong investment grade credit ratings of 'CARE AA- Stable' from CARE Ratings Limited and 'AA- (Stable)' from ICRA Limited, indicating a high degree of safety in servicing financial obligations with very low credit risk. The issue carries a security cover of 1.10 times, providing additional protection for investors. The company's previous NCD issuance demonstrates exceptional market confidence, with the second ₹1,000 crore NCD issue being fully subscribed within three hours on the first day.

Strategic Fund Utilization and Corporate Growth

Proceeds from the issue are expected to be used for refinancing existing debt and general corporate purposes, as disclosed in the offer document. This aligns with the company's broader financing strategy, as Adani Enterprises has been actively strengthening its capital structure. The promoters infused ₹7,878 crore through unsecured loans to fund capital expenditure in airports, roads, and Australian mining operations, with outstanding promoter loans standing at ₹22,967 crore as of September 30.

Market Position and Future Outlook

Adani Enterprises stands among the few private corporates outside NBFCs offering listed debt products for retail investors, providing an opportunity for individual and non-institutional investors to participate in India's infrastructure growth story. The company has also announced a ₹24,930 crore rights issue, which will be received by March 2026, largely earmarked for repaying promoter loans with the remainder allocated for growth capital. This comprehensive capital raising strategy positions the company to capitalize on India's infrastructure development opportunities while maintaining financial discipline.

Adani Enterprises announced that its joint venture AdaniConneX Private Limited has successfully completed the acquisition of 100% stake in Giridhari Build Estate Limited for ₹366.65 crores. The transaction was completed on December 31, 2025, with the disclosure made under Regulation 30 of SEBI Listing Regulations.

Official Regulatory Filing

The company filed detailed disclosure documents with BSE Limited and National Stock Exchange of India Limited, providing comprehensive information about the acquisition as required under SEBI regulations. The information was received by Adani Enterprises on December 31, 2025 at 7:39 PM, with the official filing completed on January 1, 2026.

Transaction Overview

The acquisition represents a strategic move by AdaniConneX Private Limited (ACX) to expand its infrastructure development capabilities through a cash consideration transaction.

Target Company Profile

Giridhari Build Estate Limited (GBEL) was incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on November 7, 2019. The company focuses on infrastructure development activities and possesses strategic assets despite not yet commencing commercial operations.

Strategic Rationale

The acquisition object is to set up infrastructure facilities, aligning with ACX's development objectives. GBEL's strategic value lies in its ownership of sizeable land parcels and secured key licenses, which provide ACX with a head start in infrastructure development activities. This positions the joint venture advantageously in the infrastructure sector despite GBEL not yet commencing commercial activities.

Business Impact

This acquisition strengthens ACX's position in the infrastructure development sector by providing immediate access to licensed land assets and development-ready infrastructure. The transaction represents a strategic investment in expanding the joint venture's operational capabilities and market presence, with no requirement for governmental or regulatory approvals, ensuring a streamlined acquisition process.