Adani Enterprises Launches Rs 24,930 Crore Rights Issue at 24% Discount for Infrastructure Expansion

The issue closes on December 10.

New Delhi:

Adani Enterprises Ltd, the flagship company of billionaire Gautam Adani's conglomerate, launched subscriptions on Tuesday for one of India's largest rights issues, offering shares at Rs 1,800 each, representing approximately 24 percent discount to the approval date price.

According to the company's rights issue filing, the total size of the issue (assuming complete uptake) is Rs 24,930.30 crore through the issuance of over 13.85 crore new shares.

The subscription period will end on December 10.

The rights issue offers three equity shares for every 25 existing fully-paid equity shares held by shareholders.

All eligible shareholders can participate in the offer, with the promoters, who own about 74 percent of the company, confirming their intention to subscribe to their full entitlement.

At the current issue price, the conglomerate's flagship firm would be valued at nearly Rs 2 lakh crore.

Analysts value Adani Enterprises' airports business—India's largest airport network—between Rs 2 lakh crore and Rs 2.5 lakh crore, with some estimates reaching as high as Rs 3 lakh crore.

Funds raised from the rights issue will finance next-generation infrastructure projects across various sectors including airports, data centers, green hydrogen, roads, PVC and copper smelting, as well as metals, mining, digital and media ventures currently under incubation. A portion of the capital will also be allocated to debt reduction.

"On application, investors will need to pay Rs 900 (50 percent of the issue price) per rights equity share. The remaining amount (after payment of the application money), Rs 900 (50 percent of the issue price) per rights equity share, will be payable by the rights equity shareholders in two subsequent calls," according to the offer document.

"Rights entitlements (REs) that are neither subscribed nor renounced by investors on or before the issue closing date (i.e., Wednesday, December 10, 2025) shall lapse and be extinguished after the issue closing date," the document states.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)