Adani Power is preparing to raise approximately ₹7,500 crore from institutional investors through the issuance of non-convertible debentures (NCDs), according to sources familiar with the matter. The thermal power giant is entering the bond market during a period of robust investor appetite for corporate bonds.

Fundraising Structure and Timeline

The bond issuance is scheduled to launch within the next three to four days, offering investors multiple tenor options to suit varying investment preferences.

Company Operations and Asset Base

Adani Power serves as the holding company for the Adani Group's coal-fired thermal assets, maintaining a substantial operational footprint across India. The company operates 18.14 gigawatts of thermal capacity alongside a 40-megawatt solar plant on a consolidated basis.

The company's projects span multiple states including Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Jharkhand, Tamil Nadu, and Madhya Pradesh, providing geographical diversification that helps mitigate operational risks.

Financial Performance and Leverage Profile

Adani Power maintains a strong financial position with favorable leverage metrics compared to industry peers.

The company has outlined ambitious expansion plans to increase total generation capacity to approximately 42 gigawatts by fiscal 2032, representing significant growth from the current 18 gigawatts.

Adani Group's Debt Market Activity

This proposed bond sale continues the Adani Group's active participation in debt markets over recent months. The group has successfully raised ₹14,000-15,000 crore across five companies during the past 15 months, taking advantage of favorable market conditions and consistent institutional investor demand.

Notable recent issuances include:

• Adani Enterprises: ₹2,000 crore through two public NCD issues
• Adani Ports and Special Economic Zone: ₹5,000 crore via 15-year AAA-rated NCDs at 7.75% coupon, fully subscribed by Life Insurance Corporation of India
• ATSTL (Adani Transmission subsidiary): ₹995 crore through 17-year bonds from investors including Nippon Life India Mutual Fund and India Infrastructure Finance

The fundraising reflects the group's strategy to optimize capital structure while capitalizing on favorable debt market conditions and strong institutional investor appetite for quality corporate bonds.

The National Company Law Appellate Tribunal (NCLAT) in Delhi has upheld Adani Power Limited's ₹4,000.00-crore resolution plan for Vidarbha Industries Power Limited (VIPL), marking a significant milestone in the company's asset acquisition strategy. The appellate tribunal dismissed appeals filed by Western Coalfields Limited and employees of VIPL, who had challenged the earlier approval by the National Company Law Tribunal (NCLT) Mumbai bench.

NCLAT Ruling Details

The NCLAT comprehensively rejected all objections raised by the appellants after thorough examination of the case. The tribunal found that the appeals lacked merit and failed to demonstrate any violations of the Insolvency and Bankruptcy Code (IBC). In its detailed order, the appellate tribunal stated that "the pay outs to the operational creditor including the employees cannot be said to be violating the provisions of Section 30(2)(b) of the IBC."

Asset and Compliance Assessment

The NCLAT observed that the resolution plan fully complied with all statutory requirements under the insolvency framework. The tribunal noted that the Committee of Creditors had exercised proper commercial discretion in accordance with established legal provisions. The appellants failed to prove any violations in the approval process of the resolution plan.

Power Asset Details

The ruling confirms Adani Power's acquisition of a strategically located power generation facility. The asset specifications and location details are outlined below:

Market Performance

Adani Power's shares closed at ₹140.30 on January 19, reflecting a decline of ₹2.33 or 1.63% for the trading session. The stock movement occurred alongside the tribunal's favorable ruling on the resolution plan.

The NCLAT's decision provides legal certainty for Adani Power's expansion plans and validates the company's approach to acquiring distressed power assets through the insolvency resolution process. The ruling demonstrates the effectiveness of the IBC framework in facilitating corporate restructuring while protecting stakeholder interests.