New Delhi, Jan 23: Adani Power Ltd has raised approximately USD 900 million through its largest-ever onshore non-convertible debenture (NCD) issuance, drawing strong interest from leading domestic financial institutions, according to people familiar with the matter.
The issue saw participation from 17 domestic investors, including ICICI Bank, Axis Bank, Kotak Mahindra, Nippon India, Tata Mutual Fund and Invesco. Mutual funds accounted for the bulk of the demand.
SBI Mutual Fund invested around USD 300 million, while ICICI Bank and Axis Bank committed approximately USD 130 million and USD 120 million, respectively. Kotak MF and ICICI MF invested about USD 60–70 million each.
Proceeds from the issue will be used primarily for refinancing existing borrowings and general corporate purposes. Market participants noted that investor appetite remains supported by Adani Power’s strong cash flows, with nearly 90% of operating capacity tied to long-term power purchase agreements (PPAs).
Adani Power currently operates 18 GW of capacity and plans to expand this to 42 GW by FY32. The company’s net debt-to-EBITDA ratio stands at around 1.5x, significantly lower than peers. Analysts project EBITDA to rise to nearly USD 9 billion by FY30.