SBI MF to take at least 10% of Adani Group’s biggest rupee bond issue, bankers say

State Bank of India’s ‍mutual fund unit has committed to pick up at least ​10% of Adani Power’s nearly $820 million rupee-denominated bond ‌issue, likely to be launched later this ​week, three merchant bankers said on Wednesday (January 21, 2026).

The mutual fund, India’s biggest in terms of assets under management, is acting as one of the anchor investors for the issue, with a commitment of 7.50 billion rupees, the bankers said, requesting anonymity as they are not ​authorised to speak to the media.

The planned 75 ⁠billion-rupee issue would be the group’s largest-ever rupee bond sale.

SBI Mutual Fund and Adani Power did not respond to email queries.

Adani Power ​is looking to ⁠raise 28.60 billion rupees through a two-year option and 26.90 billion rupees via a three-year note. SBI MF will buy 4.50 billion rupees and three billion rupees of ‌these papers as the anchor investor, the ‌bankers said.

The Adani unit will pay a coupon of 8.00% and 8.20% on ‍the two- and three-year bonds, and 8.30% and 8.40% on four- and five-year papers.

The remaining 6.75 billion rupees ‍and 12.75 billion rupees will be raised through four- and five-year papers, respectively, the bankers said.

Trust Investment Advisors, ICICI Bank and Axis Bank are the arrangers for the issue.

The lenders have will also back the issue by providing commitments worth 3.31 billion rupees and 3 billion rupees, respectively, the bankers said.

The banks did not ⁠reply to an email seeking comment.

The bonds are rated ‘AA’ by Crisil and India Ratings, ​with the coupons set to step up by 25 basis ⁠points for every notch rating downgrade.

Earlier this financial year, another group company, Adani Ports and Special Economic Zone, raised 50 billion rupees by placing 15-year bonds directly with Life Insurance Corporation of ⁠India.