Adani Enterprises stock edges up on rights issue record date after early dip

Adani Enterprises shares traded with mild gains on Monday, its rights issue record date, after a brief but sharp fall in early trade. The stock slipped to Rs 2,421 around 9:25 am -- down 0.8 percent from Friday’s close -- before rebounding swiftly into positive territory. It was last quoted at Rs 2,443.5, up 0.14 percent for the day, within a range of Rs 2,421-2,460.

The stock’s movement comes as the company readies its Rs 24,930-crore partly paid-up rights issue, with eligible shareholders determined based on today’s record date.

Adani Enterprises rights issue is the company’s biggest fundraising effort since its cancelled FPO in early 2023, and will open for subscription on November 25 and close on December 10. Adani Enterprises has priced the partly paid-up equity shares at Rs 1,800 each, a 24 percent discount to the prevailing market price. Shareholders will pay Rs 900 on application, followed by two call payments of Rs 450 each -- scheduled for January 12-27, 2026; and then March 2-16, 2026.

The company will issue 13.85 crore partly paid-up shares in a ratio of three rights shares for every 25 fully paid-up shares held as on today’s record date. If fully subscribed, the outstanding equity base will rise to 129.26 crore shares from 115.42 crore.

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The fundraising forms part of Adani Enterprises’ broader capital-management plan. During last week’s earnings call, Chief Financial Officer Robbie Singh said the proceeds would shore up the balance sheet, convert shareholder loans into equity, and fund growth across airports, roads, and the group’s new-energy businesses. Singh said the infusion will materially reduce the company’s gross debt and support a substantial capex pipeline, including Rs 10,500 crore earmarked for airports and Rs 6,000 crore for roads during FY26.

In today’s session, the stock’s recovery from its early decline comes after a strong rally last week when the rights issue was announced. Despite this, Adani Enterprises remains down 4.4 percent year-to-date, underperforming the Nifty 50, which is up 9.3 percent so far in 2025.