Adani Power allots Rs 7,500 crore NCDs under approved fundraising plan
Author: PPD Team Date: January 28, 2026
Adani Power Limited has allotted secured, listed, non-convertible debentures worth Rs 7,500 crore through a private placement. The issuance is part of a fundraising plan approved earlier by the company’s Board. The debentures have been issued in multiple series with tenors ranging from two to five years and are rated AA with a stable outlook.
In a regulatory filing dated January 27, 2026, Adani Power said a management committee of its Board approved the allotment of 7.5 lakh secured, listed, rated, taxable, non-cumulative, redeemable non-convertible debentures. Each debenture has a face value of Rs 1,00,000, taking the total issue size to Rs 7,500 crore. The allotment was made to identified investors in dematerialised form.
The fundraising follows a plan approved by the Board on January 29, 2025. The debentures are rated AA (Stable) by CRISIL Ratings Limited (CRISIL) and India Ratings and Research Private Limited (India Ratings).
The issue is structured across four series. Series I, with a tenor of two years, amounts to Rs 2,860 crore and carries a coupon of 8.00%. Series II, with a three-year tenor, totals Rs 2,690 crore at an 8.20% coupon. Series III has a four-year tenor, a size of Rs 675 crore, and a coupon of 8.30%. Series IV, with a five-year tenor, amounts to Rs 1,275 crore and carries an 8.40% coupon.
Interest will be paid quarterly from the date of allotment, January 27, 2026. The principal will be redeemed on the respective maturity dates, which fall between January 2028 and January 2031.
The debentures are secured by a first-ranking pari passu charge on the company’s present and future movable fixed assets, current assets, and insurance proceeds. Security also includes a mortgage over identified land parcels. The instruments will be listed on BSE Limited.
The filing noted that under Securities and Exchange Board of India (SEBI) regulations, any delay in listing beyond three working days from the issue closing date would require Adani Power to pay debenture holders an additional 1% per annum over the applicable coupon for the delayed period.
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