Adani Power Raises ₹7,500 Crore from SBI, ICICI and Other Investors; Funds to Clear Debt and Support Operations

Adani Power, part of the Adani Group, has successfully raised ₹7,500 crore through the issuance of Non-Convertible Debentures (NCDs) to major domestic investors. The funding round saw participation from 15 institutional investors, including SBI Mutual Fund, ICICI Bank, Axis Bank, Kotak Mutual Fund, and Tata Mutual Fund. In total, 17 entities, including 10 mutual fund houses, contributed to the fundraise.

Sources reported that SBI Mutual Fund invested ₹2,500 crore, ICICI Bank ₹1,100 crore, and Axis Bank ₹1,000 crore. Kotak and ICICI Mutual Funds contributed between ₹500–600 crore each. The proceeds from these NCDs will be used to repay existing debt and support general corporate activities.

Market Impact
Adani Group shares faced significant declines on Friday after U.S. regulators reportedly sought permission to issue individual email summons to founder Gautam Adani and group executive Sagar Adani in connection with alleged fraud and a $265 million bribery scheme. This led to a reduction of ₹1.4 lakh crore in the market capitalization of Adani Group companies. As a result, Adani Power shares fell 5.5%, while Adani Green Energy shares dropped nearly 15%.

Company Plans
Adani Power, a thermal power company, currently operates with an 18 GW capacity and plans to expand to 42 GW by FY2032. Investors cited the company’s integrated business model, expansion strategy, and relatively strong balance sheet as key reasons for participation. The company’s net debt-to-EBITDA ratio stands at 1.6x, significantly lower than competitors such as NTPC, JSW Energy, and Tata Power, which have ratios between 4–5x.

Analysts estimate that Adani Power’s operating profit could more than triple over the next five years. EBITDA is expected to grow from approximately ₹21,000 crore at present to ₹75,000 crore by FY2030, driven by capacity expansion and operational efficiency improvements.

Fundraising Context
This NCD issuance is part of a series of debt market transactions by Adani Group companies over the past year. Over the last 15 months, the group has raised around ₹14,000–15,000 crore through bonds issued by five of its companies, leveraging favorable market conditions and strong demand from institutional investors.