Adani Power plans up to Rs 7,500 cr NCD raise

Adani Power is looking to raise about Rs 7,500 crore from institutional investors through the issuance of non-convertible debentures (NCD), people familiar with the matter told ET.The thermal power giant is tapping the bond market at a time when investor demand for corporate bonds is strong. The fundraising is expected to be launched over the next three to four days and will have tenors of 2,3,4 and 5 years, the people said. Axis Bank, ICICI Bank and Trust Group are acting as arrangers. Proceeds are likely to be used for refinancing existing borrowings and general corporate purposes.The lead arrangers and the company didn’t respond to Et’s requests for comment on the fundraising. Adani Power is the holding company for the Adani Group’s coal-fired thermal assets and operates 18.14 gigawatts of thermal capacity and a 40-megawatt solar plant on a consolidated basis. Its projects are spread across multiple states including Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Jharkhand, Tamil Nadu and Madhya Pradesh, helping diversify operational risk. The company reported consolidated EBITDA of about Rs 23,000 crore and gross debt of roughly Rs 36,000 crore, implying net leverage of around 1.5 times EBITDA, lower than many peers which operate at around four times, according to people familiar with the numbers. The company has outlined plans to expand total generation capacity to about 42 gigawatts by fiscal 2032, from around 18 gigawatts currently. Adani Power’s proposed bond sale follows a series of debt market issuances by other Adani Group companies over the past year. Several Adani entities have raised funds through bond issuances taking advantage of improving market conditions and steady demand from institutional investors. Over the past 15 months, the Adani Group has raised about Rs 14,000-15,000 crore across five companies. Adani Enterprises raised about 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 issuance at a coupon of 7.75%, which was fully subscribed by Life Insurance Corporation of India. In October 2025, Adani Transmission's step-down subsidiary ATSTL raised Rs 995 crore through 17-year bonds from investors including Nippon Life India Mutual Fund and India Infrastructure Finance.