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Invest in Public Issue

Adani Enterprises Limited

Opening Date

Jul 09, 2025

Closing Date

Jul 22, 2025

Allotment

First Come
First Serve

Credit Rating

CARE AA-/Stable CARE Ratings Limited

ICRA AA-/Stable ICRA Limited

Base Issue

₹500 Crores

Greenshoe

₹500 Crores

Highest Yield

9.30%

Min. Investment

₹10,000

Issue Details

Essentials

Issue price

₹1,000

Face Value

₹1,000/ NCD

Issue Size

₹1,000 Crores

Minimum Investment

₹10,000 (10 NCDs)

Rating

CARE AA-/Stable CARE Ratings Limited

Listing on

NSE and BSE

Issue Opening Date

Jul 09, 2025

Issue Closing Date

Jul 22, 2025

Mode of Issue

Public Issue

Registrar

MUFG Intime India Private Limited

Mode of allotment and Trading

Dematerialized

About the Issuer

Adani Enterprises Limited is a part of the Adani group, which is among India’s top business houses with an integrated energy and infrastructure platform in India and along track record of successfully executing large-scale projects. They are one of India’s largest listed business incubators in terms of market capitalization and are driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, consumer, and primary industry. They representan effective complement of established and developing businesses which address the needs of India. They have, over the years, seeded new business interests for the Adani portfolio, developed them into sizeable and self-sustaining business verticals and subsequently demerged them into independently listed and scalable platforms, thereby unlocking value for their shareholders. They have a demonstrated track record of creating sustainable infrastructure businesses since 1993. They have emerged as an incubator by investing, maturing and eventually demerging various diversified businesses. Since inception, they have incubated sizeable and scalable businesses and successfully listed them, including by way of demergers, as Adani Ports and Special Economic Zone Limited, Adani Power Limited, Adani Energy Solutions Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited.

Competitive Strengths

Expertise in executing large projects.

Strategically located, regulated airport assets.

Experienced promoters with strong leadership.

Proven incubator of sustainable businesses.

Driving green hydrogen energy platform.

Leading global player in resource management.

Objectives for IPO Issue

Prepayment or repayment, in full or in part, of the existing indebtedness availed by our Company; and General corporate purposes.

Source: Invest only after referring to the Prospectus dated June 30, 2025.

Disclaimer: Invest only after referring to the Prospectus dated June 30, 2025.

Available Bonds Options

Series	I	II	III	IV	V	VI	VII	VIII
Nature	Secured	Secured	Secured	Secured	Secured	Secured	Secured	Secured
Frequency of Interest Payment	Annual	Cumulative	Quarterly	Annual	Cumulative	Quarterly	Annual	Cumulative
Face Value of NCDs (₹ /NCD)	₹ 1000 (1 NCD)	₹ 1000 (1 NCD)	₹ 1000 (1 NCD)	₹ 1000 (1 NCD)	₹ 1000 (1 NCD)	₹ 1000 (1 NCD)	₹ 1000 (1 NCD)	₹ 1000 (1 NCD)
Tenor	24 months	24 months	36 months	36 months	36 months	60 months	60 months	60 months
Coupon (% per annum) for NCD Holders in all Categories	8.95%	NA	8.85%	9.15%	NA	9.00%	9.30%	NA
Effective Yield (% per annum) for NCD Holders in all Categories	8.95%	8.95%	9.14%	9.14%	9.15%	9.30%	9.29%	9.30%
Redemption Amount (₹/ NCD) on Maturity for NCD Holders in all Categories	₹ 1000	₹ 1187.01	₹ 1000	₹ 1000	₹ 1300.70	₹ 1000	₹ 1000	₹ 1560.30

Allocation Ratios

Particulars	Category I	Category II	Category III	Category IV
% of the Issue size	10%	30%	30%	30%
Base Issue Size (in ₹ crore)	50	150	150	150
Green Issue Size (in ₹ crore)	50	150	150	150
Total Issue Size (in ₹ crore)	100	300	300	300

Frequently Asked Questions

What is the Issue Size?

₹ 500 Crores (Base Issue) with a green shoe option of ₹ 500 Crores aggregating up to ₹ 1000 Crores.

Credit Rating for the NCDs?

The NCDs proposed to be issued under the Issue have been rated Care AA-; Stable for an amount of ₹ 1,000 crore by CARE Ratings Limited vide its rating letter dated June 18, 2025 and [ICRA] AA- (Stable) for an amount of ₹ 1,000 crore by ICRA Limited vide its rating letter dated March 28, 2025 which has been revalidated vide its letter dated June 17, 2025.

Security?

The principal amount of the NCDs to be issued in terms of the Draft Prospectus and the Prospectus together with all interest due and payable on the NCDs, thereof shall be secured by way of a first ranking pari passu charge on the loans and advance (which are classified as non-current assets) outstanding in the books of the Company, both present and future such that a security cover of at least 110% of the outstanding principal amounts of the NCDs and interest thereon is maintained at all time until the Maturity Date.

What is the face value/ Issue Price of the NCDs?

Rs. 1,000/- Per NCD

What is the frequency of interest payment?

Series I, IV, VII– Annual Coupon
Series II, V,VIII – Cumulative
Series III & VI – Quarterly Coupon

What is the minimum application amount?

₹ 10,000/- (10 NCDs) and in multiple of ₹ 1,000/- (1 NCD) thereafter (for all the options of NCDs either taken individually or collectively)

Modes of Applying?

Application through the ASBA Process (for all applicants). Retail Individual applicant may use the UPI mechanism to block funds for application value up to ₹ 5 Lakhs submitted through the app/web interface of the Stock Exchange or through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants)

Who is not eligible to invest in the issue?

The following categories of persons, and entities, shall not be eligible to participate in the Issue and any Applications from such persons and entities are liable to be rejected:
a. Minors without a guardian name* (A guardian may apply on behalf of a minor. However, the name of the guardian will also need to be mentioned on the Application Form);
b. Foreign nationals, NRI inter-alia including any NRIs who are (i) based in the USA, and/or, (ii) domiciled in the USA,
and/or, (iii) residents/citizens of the USA, and/or, (iv) subject to any taxation laws of the USA;
c. Person’s resident outside India and other foreign entities;
d. Foreign Institutional Investors;
e. Foreign Portfolio Investors;
f. Non-Resident Indians;
g. Qualified Foreign Investors;
h. Overseas Corporate Bodies**;
i. Foreign Venture Capital Funds; and
j. Person’s ineligible to contract under applicable statutory/ regulatory requirements.

Can the application be made on joint names?

Applications may be made in single or joint names (not exceeding three). In the case of joint Applications, all payments will be made out in favour of the first Applicant. All communications will be addressed to the first named Applicant whose name appears in the Application Form and at the address mentioned therein.

Listing?

The NCDs are proposed to be listed on BSE and NSE.

Tenor?

Series I, II – 24 Months
Series III, IV, V – 36 Months
Series VI, VII & VIII – 60 Months

Basis of Allotment

Category I (Institutional) - 10 % of the Issue Size
Category II (Non-Institutional)- 30 % of the Issue Size
Category III (HNI) - 30 % of the Issue Size
Category IV (Retail Individual) - 30 % of the Issue Size

Can an applicant trade the NCDs in the market?

Yes. The NCDs will be listed on BSE & NSE. The trading of the NCDs shall be in dematerialized form only.

Recently closed public issues

₹ raised

₹ 255.64 Crores raised

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Terms and Conditions for Online application for Public Offer of Debt Securities

This Online IPO Bid/Application Facility (“Facility”) allows the investors/applicants to apply in on-going public issue of debt securities offered by various Issuers. This Facility is developed and managed by India Bond Private Limited (IndiaBonds), a SEBI Registered Stock-Broker (Debt Segment).
IndiaBonds, shall be collectively referred as the Facilitators.
These Declarations, terms of use as provided herein, shall be legally binding on the User/ Applicant who avails the Facility:
Declaration from the Applicants:
1. I/We hereby confirm that I am /we are eligible person(s) to invest in accordance with the terms of offer document(s) and applicable laws for the time being in force.
2. I/We hereby confirm that I/we have read and understood the terms of Offer Documents, Bid-cum-application form, the Risk factors and voluntarily instruct the Facilitators to make the above Bid/ application on my/our behalf I/we hereby authorize Facilitators and their representatives to do all such acts, deeds, and things, as may be necessary for or incidental to make the Bid/Application.
3. I/We understand that post bidding of application, I shall ensure that the duly signed application form (physical) is submitted at the designated centres indicated in the Application Form before the Issue Closure Date.
4. I/ We hereby agree and confirm that in case bid/ application placed by me/us gets rejected due to any reason, I/We shall not hold the Facilitators and its representatives responsible for the same.
5. I/We understand that the receipt of an acknowledgement for application/bid by me/us does not in any way confirm or guarantee the allotment of securities. The Issuer/ lead manager/s/ syndicate member/Registrars & Transfer Agents reserves the exclusive right to reject any bid/application without assigning any reason whatsoever.
6. I/We hereby agree that I/we will abide by the regulatory framework governing subscription of securities and all the terms and conditions of the Issue, instructions issued by the Lead Managers, Registrar and Transfer Agent, Consortium Members, Stock Exchanges, Depositories and other statutory/ regulatory authorities connected with the Issue.
7. I/We agree to pay all applicable charges, fees, interest, costs, which Facilitators may levy with respect to my/our account or any transactions or services rendered.
8. I/We hereby agree that I/we shall not make multiple application(s) for the Issue in violation of the terms of Issue. The applications are mapped and clubbed on the basis of PAN of the Sole/ First Holder.
9. The Issuer / Lead Manager / RTA shall have sole discretion to accept / reject of my / our applications/Bids and their decision shall be final.
10. As Applicant I / We are aware that:
a) I/ We shall be solely responsible to quote the correct investor category in the application form as applicable.
b) the names of the applicant(s) while submitting the application form shall be strictly as per the order/ sequence as mentioned in demat records (single / joint).
c) Application Form shall be duly signed and executed as per the terms of Issue.
d) All the bid/application in Individual and HUF Category, for an amount less than INR 5 Lakhs shall be accepted only in UPI Mode. UPI ID shall be mandatory to quote in the application forms where UPI is selected as mode of payment.
e) No Application for an on behalf of Minor shall be permitted through this Facility.
11. I/We hereby agree that the Facilitators reserves the right to accept or reject any Bid/Application in whole or in part and without assigning any reason thereof.
12. I/We agree to unconditionally and irrevocably indemnify and hold Facilitators and their affiliates, representatives and associates, harmless against any loss (actual or notional), costs, expenses etc., which may be suffered by Facilitators, or against any claim, demand, action, proceeding that may be initiated against Facilitators, which is in any way the result of my/our instruction to Facilitators to apply/revise the bid, for and on my/our behalf, for the Issue.
13. I/We shall ensure that sufficient funds are available in the Bank Account for which the payment details are provided in the online application.

Terms and Conditions of IPO Application:
1. Facilitators offers this Facility to apply for the Public Issue of Securities. Funds/Payments are collected as per the ASBA/UPI or other applicable mode(s), if any as per the applicable laws and as mentioned in the offer documents.
2. The Applicant acknowledges the performance of this Facility is dependent on the performance of the API's provided by Stock Exchanges and Facilitators do not have control over the same. Facilitators shall not be liable and responsible for any acts/deeds/error/failure on part of the third parties.
3. The Applicant shall ensure that all the details, information, data and documents uploaded using Facility are correct, complete, accurate and sufficient to process the Application. The Applicant shall check, verify and confirm the details as appearing on the online Application form before submissions. The Facilitators shall not be responsible for incorrect/ incomplete application form in any manner whatsoever.
4. This Facility does not allow the Investors to revise/ revoke their bids. The Applicant shall contact the representatives/ relationship managers of the Facilitators to seek guidance on revocation/ cancellation or modification of the bids. Facilitators shall take reasonable efforts to assist the Applicant(s)/ Investor(s) in case of any change in the bid/ application already submitted.
5. The Applicant has to ensure that the name on the PAN card matches with the Demat Holder's name i.e. PAN card and Demat details should be of the same person.
6. The display or description of any IPO on this Platform shall not constitute an endorsement by Facilitators. Facilitators or their representatives shall/ does not advise for any kind of investments in public offer and are not liable or responsible for any kind of investments decisions made by the Users/ Applicants/ Investors. investor should assess risk factors and read all relevant documents carefully before investing.
7. Facilitators does not warrant or take any responsibility for any delay in acceptance / execution or non-execution/ allotment/ partial allotment/ refund of the bid/ application by the Exchange/ Registrar/ Syndicate member/ Lead Manager/ Issuer etc.
8. The Facilitators may at their sole discretion amend any or all of the features of the Facility without intimation to the Users/ Applicants/Investors.
9. Facilitators reserves the right to communicate/send any information/document that is obligatory and/or mandatory to be sent to the applicant/bidder by means of electronic communication. This electronic communication may be in the form of an e-mail, an e-mail attachment or in the form of download or display available on its this Portal, such communication shall be deemed to be a fulfilment of legal obligation on the part of the Facilitators.
10. Facilitators shall not be held responsible, in case due to any reason the bid/application is not uploaded to the Stock Exchange, or could not be sent to the Banker/Registrar to the issue or for non-receipt or delay in incorrect receipt of refund, etc. if any.
11. Facilitators shall not be responsible if the performance of their obligations is prevented, hindered or delayed by a Force Majeure event, that is to say any event due to any cause beyond the reasonable control of Facilitators, including without limitation to unavailability of any communication system including failure of internet links, Exchange links, sabotage, fire, flood, explosion, earthquake, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war or acts of government/regulatory bodies.
12. Facilitators will process bid/application received after verification of username and password without requiring any further authentication and will be entitled to believe that application/bid received by using the username and password are in order and actually made by the applicant/bidder or its authorised attorney and the Applicant shall be bound by it conclusively.
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15. The Bids shall be processed only after receiving the duly completed and signed original application form from the Applicant at the designated bidding centres as indicated in the Application Form.
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17. The terms and conditions as mentioned herein shall be in addition to the existing Terms of Use (https://www.indiabonds.com/terms-and-conditions/) applicable to all the Users of this Portal/ Platform and the Services provided therein.
18. Facilitators have the absolute discretion to amend or supplement any of the terms and conditions at any time without giving prior notice of the same, and such amended terms and conditions will there upon apply to and be binding on the applicant/bidder.

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The information/ documents collected from Users (e.g. name, address, e-mail, contact numbers, bank and demat account details etc.) are used to identify User and to register User with Vendor(s) empanelled on this Platform and other participants to facilitate the execution of Transaction Services initiated using this Platform. The Company is committed to operate this Platform with the highest ethical standards and appropriate internal controls. Your privacy is important to us and maintaining your trust is paramount. This Privacy Policy explains how we collect, use, and disclose information about you. We may update this Privacy Policy from time to time. Subject to your rights at law, you agree to be bound by the prevailing terms of this Privacy Policy as updated from time to time. We encourage you to check the latest version of this Privacy Policy regularly. By using this Platform and Services, you consent to the terms of our privacy policy (“Privacy Policy”) in addition to our Terms of Use. We encourage you to read this Privacy Policy regarding the collection, use, and disclosure of your information. If you are not comfortable with any of the terms or policies described in this Privacy Policy, you may choose to discontinue usage of our Platform. This Privacy Policy and your use of this Platform shall be governed in all respects by the laws of India. 1. Collection of Information Platform may collect the following two types of information: 1. "Personal Information" which shall mean information which could reasonably be used to identify you personally, such as your name, email address, registration account details, physical address or other relevant personal details; and demographic information, such as gender, pin code or similar information. For the purpose of this policy, sensitive personal data or information has been considered as a part of Personal Information, which may include information such as password, financial information (details of bank/ demat account, debit card, or other permissible payment modes). 2. "Non-Personal Information" which shall mean information that does not identify you or any other individual, and includes session, web beacons and usage data, log data and aggregate information. We use this information to inter-alia deliver our web pages to you upon request, to tailor our /Platform to the interests of our Users, to measure traffic within our Platform, to improve the Platform quality, functionality and interactivity etc. You represent that the information or data you provide from time to time is and shall be correct, current and updated and you have all the rights, permissions and consents to provide such information or data. 2. 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All information provided by you on this Platform, which has been duly received and accepted by us will be used for the purpose of establishing the relationship with us/processing a transaction with Vendor empanelled with the Platform. To enable such process/ establishment of relationship, we may share information/ documents with authorised third-parties, for instance, counter party(ies), our business partners, clearing corporations, stock exchange(s), alliance partners, financial teams/institutions, group/ associate companies, third party utility/ service providers or postal/government authorities involved in fulfilment of said transactions, if any. The Company will share your information with third-party vendors, service providers, facilitating agency(ies), vendors etc as necessary for the provision of Services. 17. Providing Support and Marketing We may use your personal information to notify you about any upcoming product(s)/ services offered by/ through us (Platform) or to provide you with one or more Services available on this Platform. 3. Social Media The Company may maintain/ upload information on social media sites like Facebook, Instagram and Twitter. When you visit the social media properties/ account of the Company, we collect information about your activities on those properties. The information we review includes whether you visited or commented on a blog or provided a rating or made comment etc. 4. Do Not Call Registry In furtherance to your usage of the Platform, you expressly waive the Do Not Call (DNC) / Do Not Disturb (DND) registrations on your phone/mobile numbers for contacting you. Hence, there is no DNC / DND check required for the number you have provided/ made available to the Company. 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