Adani Power plans an NCD increase of Rs 7,500 crore

Adani Power is looking to raise around Rs 7,500 crore from institutional investors through the issuance of non-convertible debentures (NCDs), people familiar with the matter told ET.The thermal energy giant is tapping the bond market at a time when investor demand for corporate bonds is high.

The fundraising is expected to start in the next three to four days and will have a duration of 2,3,4 and 5 years, the people said. Axis Bank, ICICI Bank and Trust Group are acting as arrangers. Proceeds will likely be used to refinance existing loans and for general corporate purposes.
The lead arrangers and company did not respond to Et’s requests for comment on the fundraising. Adani Power is the holding company for Adani Group’s coal-fired thermal assets and operates 18.14 gigawatts of thermal capacity and a 40 megawatt solar power plant on a consolidated basis.

The projects are spread across multiple states including Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Jharkhand, Tamil Nadu and Madhya Pradesh, diversifying operational risk. The company reported consolidated EBITDA of about Rs 23,000 crore and gross debt of about Rs 36,000 crore, implying net leverage of about 1.5 times EBITDA, lower than many peers that operate at about four times, according to people familiar with the figures.

The company has outlined plans to expand total generation capacity to about 42 gigawatts by fiscal 2032, from about 18 gigawatts currently.

The proposed bond sale by Adani Power follows a series of debt market issuances by other Adani Group companies over the past year. Several Adani entities have raised money through bond issuance, taking advantage of improving market conditions and steady demand from institutional investors. In the last 15 months, Adani Group has raised around Rs 14,000-15,000 crore from five companies.

Adani Enterprises raised around Rs 2,000 crore through two public issues of non-convertible debentures in July 2025 and January 2026. Separately, Adani Ports and Special Economic Zone Ltd. raised Rs 5,000 crore in May 2025 through a 15-year AAA-rated NCD issue at a coupon of 7.75%, which was fully subscribed by Life Insurance Corporation of India.

In October 2025, Adani Transmission’s outgoing subsidiary ATSTL raised Rs 995 crore through 17-year notes from investors including Nippon Life India Mutual Fund and India Infrastructure Finance.