Adani Power Secures ₹7,500 Crore via NCDs from Banks and Top Mutual Funds

Adani Power Limited has raised ₹7,500 crore through a domestic non-convertible debenture (NCD) issuance targeted at institutional investors, according to The Economic Times reports.  

Mutual funds subscribed around ₹4,875 crore, while private banks invested roughly ₹2,100 crore. Around 17 institutions participated in the issuance. 

Allocation 

SBI Mutual Fund invested ₹2,500 crore, followed by Kotak Mutual Fund and ICICI Prudential Mutual Fund with commitments of about ₹500-600 crore each. Other mutual fund investors included Nippon India, Tata, Aditya Birla Sun Life, Axis, Invesco, UTI and Baroda BNP Paribas.  

ICICI Bank and Axis Bank subscribed from the banking segment. Additional participants included SBI General Insurance, Kotak Pension Fund, Trust Investment Advisors and Alpha Alternatives. 

Use of Proceeds and Funding Approach 

Proceeds from the NCD issuance are expected to be used for refinancing existing borrowings and for general corporate purposes. The transaction forms part of the group’s effort to diversify funding sources by tapping domestic bond markets and reducing reliance on bank lending and offshore debt.  

Adani group companies have raised about ₹15,000 crore from domestic bond offerings over the past 18 months, with close to ₹3,000 crore raised from retail investors. 

Operations and Leverage Metrics 

Adani Power operates about 18 gigawatts (GW) of thermal power capacity and plans to expand this to 42 GW by FY32. Investors cited the company’s integrated operating model, capacity expansion pipeline and relatively lower leverage as factors supporting demand. 

The company’s net debt-to-EBITDA ratio is estimated at around 1.6x, compared with 4-5x for peers such as NTPC, JSW Energy and Tata Power. 

Market and Regulatory Backdrop 

The bond sale coincided with volatility in Adani group stocks after the US Securities and Exchange Commission sought court permission to serve summons on Gautam Adani and Sagar Adani over alleged fraud and a $265 million bribery scheme.  

Adani Power Share Price Performance  

As of January 23, 2026, 3:30 pm, Adani Power share price closed at ₹133.80, a 5.05% down from the previous closing price. 

Read More: NCLAT Upholds Adani Power's ₹4,000 Crore Resolution Plan for Vidarbha Industries! 

Conclusion 

The ₹7,500 crore NCD issuance adds to Adani Power’s domestic funding base amid market volatility and ongoing regulatory scrutiny. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.