Adani Enterprises launches its 3rd public issue of NCDs of ₹1,000 crore, offering up to 8.90% per annum

• Issue opens on Tuesday, 6 January 2026, and Issue closes on Monday, 19January 2026@ • Effective Yield up to 8.90% p.a.* • NCDs rated ‘AA-’ with ‘Stable’ Outlook by ICRA Limited and CARE RatingsLimited • Offers competitive yields compared to similarly rated NCDs and fixeddeposits • ₹1000 Cr issue comprises of base issue of ₹500 Cr and a Green Shoe optionof up to ₹500 Cr • NCDs are proposed to be listed on BSE and NSE • Allotment by First Come First Served Basis** • AEL’s second NCD issuance of ₹1,000 crore, launched in July last year,was fully subscribed in 3 hours on the first day

Adani Enterprises Limited ("the Company" or "AEL"), the flagship company ofthe Adani Group and India’s largest listed business incubators in terms ofmarket capitalization with a long track record of creating sustainableinfrastructure businesses since 1993, has announced the launch of its thirdpublic issuance of secured, rated, listed redeemable, non-convertibledebentures.

"This third NCD issuance marks another step in our journey to broadenaccess to India’s capital markets and give retail investors a stake inlong-term infrastructure growth. The strong response to our previousofferings reinforces trust in our strategy and financial discipline, and weaim to build on that momentum," said Jugeshinder ‘Robbie’ Singh, Group CFO,Adani Group."As the incubator for India’s next wave of infrastructure, fromairports and roads to data centers and green hydrogen, AEL remains focusedon creating businesses that will power India’s economic transformation," headded.

AEL’s second NCD issuance of ₹1,000 crore, launched in July last year, wasfully subscribed in 3 hours on the first day. AEL is the only privatecorporate (outside of NBFCs) offering a listed debt product for retailinvestors, thereby creating a rare opportunity for individual andnon-institutional investors to participate in India’s infrastructure growthstory. With the recent rate cuts and a softer interest rate cycle, the AELNCD issue comes at an opportune time for investors seeking stable,fixed-income avenues. Offering competitive yields compared to similarlyrated NCDs and fixed deposits, this public issue presents a valuableproposition for the investors.

The proposed NCDs have been rated "Care AA-; Stable" by CARE RatingsLimited vide its rating letter dated December 22, 2025 and press releasefor rating rationale dated December 23, 2025 and "[ICRA]AA- (Stable)" byICRA Limited vide its rating letter dated December 20, 2025 and pressrelease for rating rationale dated December 22, 2025. Securities with thisrating are considered to have a high degree of safety regarding timelyservicing of financial obligations. Such securities carry very low creditrisk.

The base size issue is ₹500 crore, with an option to retainover-subscription up to an additional ₹500 crore ("Green Shoe Option")aggregating up to ₹1,000 crore ("Issue" or "Issue Size"). The Issue willopen on 6 January 2026, and close on 19 January 2026, with an option ofearly closure or extension.The NCDs have a face value of ₹1000 each. Eachapplication will be for a minimum of 10 NCDs and in multiples of 1 NCDthereafter. The minimum application size would be ₹10,000.

At least 75% of the proceeds from the issuance will be utilized towards theprepayment or repayment or payment, in full or in part, of the indebtednessavailed by the Company; and/or any interest on such indebtedness and thebalance (up to maximum of 25%) for general corporate purposes. AEL has validated its core strength of timely execution of large-scaleprojects during the last six months.

• Navi Mumbai International Airport was inaugurated on 8th October 2025 andits operations commenced on 25th December 2025. • Google and AdaniConnex announced a partnership in October 2025, todevelop India’s largest AI data centre campus and new green energyinfrastructure in Visakhapatnam, Andhra Pradesh. • The "Nanasa-Pidgaon" HAM project was operationalized in September 2025;making it the seventh operational road project. • Received letter of awards for three new projects, which includes theropeway project between Sonprayag and Kedarnath in Uttarakhand and twoprojects in Bihar connecting (i) Munger (Safiabad) to Sultanganj Road; and(ii) Sultanganj Road to Sabour Road, under the hybrid annuity mode model.Nuvama Wealth Management Limited, Trust Investment Advisors Private Limitedand Tipsons Consultancy Services Private Limited are the Lead Managers tothe Issue. The NCDs are available in tenors of 24 months, 36 months and 60 months withquarterly, annual and cumulative interest payment options across eightseries.