Adani Group’s Flagship Company Set to Roll Out Public Bond Issue Next Week

According to two merchant bankers on 1 January, Adani Enterprises would enter the bond markets the following week with the goal of raising INR 1,000 crore rupees ($111.16 million) through a public bond issuance. According to the bankers, the anticipated financing also includes INR 500 crore in a greenshoe option, which companies usually use when prices are good.

Maturity & Bond Details

Multiple media reports stated that the flagship company of the Adani Group will issue bonds with two-, three-, and five-year maturities, with 35% designated for retail investors. Investors in two-, three-, and five-year notes will receive an annual coupon from the corporation of 8.60%, 8.75%, and 8.90%, respectively. Additionally, the bonds will offer the choice of quarterly or cumulative coupon payments. According to one of the bankers, the issue is scheduled to open on January 6 and close on January 19.

It has been rated AA- by CARE Ratings and ICRA. This would be the company's third public bond offering. After its initial public debt issue in September 2024, Adani Enterprises last raised INR 1,000 crore through a public bond issue in July 2025 spread into two-, three-, and five-year tranches. The bankers noted that the issue is being arranged by Nuvama Wealth Management, Trust Investment Advisors, and Tipsons Consultancy Services.

Merger of Amani’s Cement Empire

The board of Ambuja Cements has approved two consolidation plans to combine ACC and Orient Cement into Ambuja; there will be no financial compensation and solely share exchanges. For every 100 ACC shares with a face value of INR 10, shareholders of ACC would receive 328 Ambuja shares with a face value of Rs 2, while owners of Orient Cement will receive 33 Ambuja shares with a face value of Rs 2 for every 100 Orient shares with a face value of INR 1.

According to local broking firm Emkay, the swap effectively values ACC at approximately INR 1,772 per share against a market price of INR 1,777, making it broadly neutral, while Orient is valued at approximately INR 178 per share against a CMP of Rs 163, meaning nearly a 9% premium. Subject to shareholder and regulatory approval, the plans are expected to go into force within the next year, with the dates set for ACC and Orient being January 1, 2026, and May 1, 2026, respectively. Orient Cement shares surged up to 10% to INR 180 after the deal was announced last night, while Ambuja shares surged up to 4% and ACC was up slightly by 1.5%.