In a fresh capital-raising move, Adani Airport Holdings Ltd (AAHL) is preparing to raise up to ₹1,500 crore through 3-year bonds offering an interest rate of 8.45% with quarterly payouts, according to people familiar with the matter.
The proposed fundraise will be executed at a restricted group level and will cover 6 airports operated by the group — Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. These airports are located in key state capitals and major cities across Gujarat, Uttar Pradesh, Rajasthan, Assam, Karnataka, and Kerala.
The structure of the fundraise consolidates the 6 airports and limits additional indebtedness. Together, these airports currently handle around 39 million passengers annually. According to an India Ratings report, this capacity is expected to double by FY30.
Trust Investment Advisors is acting as the arranger for the bond sale. India Ratings has assigned an AA– rating to the proposed issuance.
Earlier, AAHL had issued non-convertible debentures (NCDs) worth ₹400 crore in FY24 and FY25. These instruments are set to mature between 2027 and 2029 and were part of the company’s broader financing strategy. The proceeds were used to meet capital expenditure requirements.
The latest bond plan comes amid renewed domestic debt market activity across the Adani Group. Earlier this month, Adani Power announced plans to raise ₹7,500 crore through NCDs. Over the past 15 months, 5 Adani group companies have collectively raised around ₹14,000–15,000 crore.
In July 2025 and January 2026, Adani Enterprises raised nearly ₹2,000 crore through 2 public NCD issues. In May 2025, Adani Ports and Special Economic Zone Ltd issued ₹5,000 crore worth of 15-year AAA-rated bonds at a 7.75% coupon, fully subscribed by Life Insurance Corp of India.
Last October, Adani Transmission’s step-down unit ATSTL raised ₹995 crore via 17-year bonds from investors including Nippon Life India Mutual Fund and India Infrastructure Finance.
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