Adani Enterprises Limited, the flagship company of the Adani Group, has launched one of the largest rights issues in Indian corporate history, seeking to raise a massive ₹24,930 crore from existing shareholders. The subscription window for this landmark fundraising initiative opened on November 25, 2025, and will remain accessible to eligible investors until December 10, 2025.
Key Details of the Rights Offering
The rights issue presents a compelling opportunity for current shareholders, offering new shares at ₹1,800 per share, representing a substantial 24% discount to the prevailing market price. This attractive pricing strategy aims to reward loyal investors while strengthening the company's capital structure.
Eligibility for participation is strictly limited to shareholders who held fully paid shares as of the record date, November 11, 2025. Investors who purchased shares after this cutoff date will not be able to participate in the rights issue.
The company has established a rights entitlement ratio of 3:25, meaning eligible shareholders will receive rights to purchase 3 new shares for every 25 fully paid shares they currently hold. Through this structure, Adani Enterprises will issue approximately 138.5 million shares on a partly paid basis.
Staggered Payment Plan and Key Timelines
In a move designed to ease liquidity pressure on investors, Adani Enterprises has implemented a staggered payment plan for the rights shares. Instead of requiring full payment upfront, investors will make payments across three tranches:
- ₹900 per share at the time of application
- ₹450 per share in January 2026
- ₹450 per share in March 2026
The company has outlined specific timelines for the subsequent payments, with the first call scheduled from January 12 to January 27, 2026, and the second and final call running from March 2 to March 16, 2026.
Other critical dates investors should note include the deadline for renouncing or selling rights entitlements by December 5, 2025, with allotment of shares scheduled for December 11, 2025. Partly paid shares will be credited to demat accounts on December 12, 2025, and trading in these shares will commence on December 16, 2025.
Strategic Objectives and Financial Impact
The substantial capital raised through this rights issue will support Adani Enterprises' ambitious expansion plans across multiple sectors. Proceeds will be channeled into developing airports, data centers, green hydrogen projects, roads, PVC manufacturing, copper smelting, metals, mining operations, and digital and media ventures. A portion of the funds will also be used for partial debt repayment, aligning with the group's comprehensive growth roadmap.
This equity infusion comes at a crucial time for the company, which reported gross debt of ₹92,065 crore. The Adani Group has outlined plans for substantial capital expenditure, targeting $15-20 billion annually over the next five years to fuel its diverse business initiatives.
Promoter participation is expected to be robust, with the promoter group holding approximately 74% of the company and likely to subscribe to their full entitlement. This strong insider commitment typically boosts market confidence and facilitates smoother fund mobilization.
Despite the company's strong long-term performance, with the stock delivering multibagger returns of 284% over the past five years, recent sessions have seen pressure on the share price. The stock declined almost 5% over the three sessions preceding the rights issue announcement, closing at ₹2,333.70 on Tuesday, down 2.71% from the previous close of ₹2,398.75.
The share price performance shows mixed trends, with the stock losing 7% in the last month and 8% over the past six months, though it has gained 3% in the last year. The stock reached its 52-week high of ₹2,611.46 in September 2025 and touched its 52-week low of ₹1,964.07 in March 2025.
This rights issue represents a significant milestone in Adani Enterprises' growth trajectory, providing existing shareholders with an opportunity to increase their stake at an attractive valuation while supporting the company's strategic expansion across next-generation infrastructure sectors.
