Adani Power Raises ₹7,500 Crore Through Secured NCDs To Strengthen Capital Structure

Adani Power Limited has successfully raised ₹7,500 crore through the allotment of 7,50,000 secured, redeemable, non-convertible debentures (NCDs) to identified investors via private placement. The allotment was finalized on January 27, 2026, following the approval granted by the company’s Board of Directors in January 2025 for this fundraising initiative.

The total issuance has been divided into four series, each designed to meet different investor needs in terms of tenure and returns. Series I accounts for ₹2,860 crore with a two-year tenor and an 8.00% coupon rate. Series II is ₹2,690 crore with a three-year tenor at 8.20%. Series III totals ₹675 crore with a four-year tenor at 8.30%, while Series IV represents ₹1,275 crore with a five-year tenor and an 8.40% coupon rate. Each debenture carries a face value of ₹1,00,000, and interest will be paid quarterly until the maturity of each series. The final redemption of the principal is scheduled according to the respective maturity dates, with the latest maturing in January 2031.

To provide security for investors, Adani Power has created a first-ranking charge over its assets. This includes movable fixed assets such as plant machinery and office equipment, current assets like trade receivables and inventory, selected land parcels, and insurance proceeds. Reflecting the credibility of the instruments, both CRISIL Ratings and India Ratings have assigned a “AA (Stable)” rating to the debentures.

The company intends to list these debentures on BSE Limited. As per SEBI regulations, Adani Power is required to file the listing application within three working days of the issue closing. In case of any delay, the company must pay debenture holders a penalty of 1% per annum over the agreed coupon rate for the delayed period.

This capital raising represents a significant milestone for Adani Power, enabling the company to strengthen its capital structure, manage debt efficiently, and ensure financial stability. With this infusion, the company continues to support its growth and operational plans while maintaining investor confidence.