Shares of Adani Enterprises rose over 6 percent to an intraday high of Rs 2,517 on Wednesday, set for their best day since May 12, after the company announced a Rs 24,930-crore rights issue. This is the company's largest fundraising since the scrapped follow-on public offering (FPO) in 2023.
The company plans to use the proceeds primarily to strengthen its balance sheet and fund expansion across airports, roads, and new-energy businesses.
Adani Enterprises has fixed the rights issue price at Rs 1,800 per share, representing a 24 percent discount to Tuesday’s closing price. The issue will open for subscription on November 25 and close on December 10. Shareholders will pay Rs 900 per share on application, followed by two calls of Rs 450 each -- the first between January 12 and January 27, 2026, and the final between March 2 and March 16, 2026. The company has retained the right to modify the payment schedule if required.
According to the board and rights issue committee approvals, the issue will comprise 13.85 crore partly paid-up equity shares at a premium of Rs 1,799 per share, offered in the ratio of three rights shares for every 25 fully paid-up shares held on the record date of November 17.
Singh explained that part of the proceeds will be used to convert existing shareholder loans into equity, thereby reducing debt, while the remaining funds will be directed toward growth initiatives. “The excess rights exercised by non-promoter shareholders will be the growth capital that will be used primarily for the airports business, and some of it for the roads and Adani New Industries business,” he added.
The CFO noted that the infusion will materially reduce the company’s gross debt, giving it “significantly higher capacity to grow faster.” It will fund airport requirements over the next 12 months, alongside capital needs in roads and other emerging verticals.
Adani Enterprises has lined up a sizeable capex pipeline of around Rs 36,000 crore for FY26, of which Rs 16,300 crore was deployed in the first half. About Rs 10,500 crore will go into airports, Rs 6,000 crore into roads, Rs 9,000 crore into petrochemicals and materials, Rs 3,500 crore into metals and mining, and Rs 5,500 crore into Adani New Industries.
If fully subscribed, the issue will increase Adani Enterprises’ outstanding shares to 129.26 crore from 115.42 crore. With the latest rally, the stock has pared its year-to-date losses to around 2 percent.
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