Adani Enterprises’ NCD Oversubscribed in Just 45 Minutes

New Delhi: Investors snapped up Adani Enterprises’ non-convertible debenture (NCD) public issue within minutes, signaling strong demand for high-rated corporate debt at the start of 2026. The ₹1,000 crore NCD issue was fully subscribed in just 45 minutes, with the initial ₹500 crore base tranche taken up in only 10 minutes.

Adani Enterprises, the flagship company of India’s third-largest industrial group, launched the NCD public issue on 6 January at 10:21 AM. Bids poured in immediately for the secured NCD offer, and total subscriptions reached ₹1,000 crore in under an hour. The issue, originally open until 19 January with a “first come, first served” allotment, was fully taken up far ahead of schedule.

Subscription Details
According to data released by the company, non-institutional investors were the most active, placing bids worth ₹651.45 crore. High-net-worth individuals (HNIs) subscribed ₹71.90 crore, while retail investors contributed ₹87.15 crore. Institutional investors had not placed bids at the time, but within minutes, the issue was completely subscribed.

Issue Features
The NCDs were offered with maturities of two, three, and five years, carrying annual coupon rates of 8.60%, 8.75%, and 8.90%, respectively. Investors had the option of quarterly interest payments or a lump-sum structure at maturity. The issue received high credit ratings of CARE AA- (Stable) and ICRA AA- (Stable).

If demand had exceeded expectations, the company had also planned a greenshoe option of an additional ₹500 crore. This marks Adani Enterprises’ third public bond sale, following similar issues in September 2024 and July 2025. The issue was arranged by Nuvama Wealth Management, Trust Investment Advisors, and Tipsons Consultancy Services.