CAM Advises Adani Enterprises on ₹1,000 Crore Oversubscribed NCD Public Issue
Adani Enterprises Limited has successfully completed its public issue of non-convertible debentures (NCDs) aggregating to ₹1,000 crore, as per regulatory filings. The issue, conducted in accordance with the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (as amended), opened on July 9, 2025, and closed on July 11, 2025, with allotment finalized on July 18, 2025.
Deal Overview
| Feature | Details |
|---|---|
| Issuer | Adani Enterprises Limited |
| Instrument | Non-Convertible Debentures (NCDs) |
| Issue Size | ₹1,000 crore |
| Opening Date | July 9, 2025 |
| Closing Date | July 11, 2025 |
| Allotment Date | July 18, 2025 |
| Oversubscription | ~3× |
| Regulatory Framework | SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 |
| Lead Managers | Nuvama Wealth Management, Trust Investment Advisors, Tipsons Consultancy Services |
This was Adani Enterprises’ second public issue of non-convertible debentures in less than a year, following its maiden issue in September 2024. Both transactions were legally advised by Cyril Amarchand Mangaldas (CAM).
Legal Advisory
Cyril Amarchand Mangaldas advised Adani Enterprises Limited on the entire transaction lifecycle of the public NCD issue, including structuring, documentation, regulatory compliance, and closing assistance.
The transaction was undertaken under the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (as amended), and was successfully subscribed around three times, reflecting strong investor confidence in the group’s credit profile.
Deal Teams Involved
Capital Markets Team:
Yash J. Ashar – Senior Partner & National Head – Capital Markets
Devaki Mankad – Partner
Jhalak Shah – Principal Associate
Raksha Raina – Principal Associate
Adwait Deshmukh – Associate
Arikta Shetty – Associate
Aniruddh Saraswat – Associate
Harsha Menon – Associate
Indranil Banerjee – Associate
Banking & Finance Team:
Meeta Kurpad – Partner
Shivangi Singh – Associate
Manasvin Andra – Associate
The transaction leveraged CAM’s deep expertise in capital markets and finance law, enabling Adani to structure a compliant and investor-attractive NCD issue within tight timelines.
Strategic Significance
This transaction is a testament to Adani Enterprises’ commitment to tapping diverse debt instruments to meet its infrastructure and capital requirements. The oversubscription of the issue underscores continued market confidence in the Adani Group’s financial stability and long-term vision.
It also reflects a growing trend among leading Indian conglomerates to turn to public debt markets for funding expansion, in alignment with SEBI’s efforts to deepen India’s corporate bond market.
Why It Matters
For legal professionals and capital market stakeholders, this transaction demonstrates:
Effective structuring under India’s evolving NCD regulatory landscape
Importance of counsel in managing compliance and investor documentation for listed debt instruments
A benchmark for repeat issuers in the NCD space utilizing public issuance formats instead of private placements
Also read: Trilegal Advises on Anthem Biosciences’ ₹33.95 Billion IPO, Debuts at 27% Premium
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
