Adani Enterprises rights issue opens: Check key details before applying for ₹25,000 crore offer

Adani Enterprises, the flagship company of billionaire Gautam Adani’s diversified conglomerate Adani Group, opened its mega ₹25,000-crore rights issue on the Indian stock market on Tuesday, 25 November.

The mega issue is priced at ₹1,800 per share, marking a discount of almost 24% for shareholders. The issue is scheduled to close on Wednesday, 10 December, according to a filing by the company on the BSE.

Investors participating in the issue will get three equity shares for every 25 fully paid shares held in the company. To be sure, only existing investors can participate in the issue. Adani Enterprises is offering 138.5 million equity shares at an issue price of ₹1,800 per share at a face value of Re 1 apiece.

On full subscription, the company is expected to raise ₹24,930 crore. The payment schedule of the shares are ₹900 on application, first call of ₹450, and the second and final call of ₹450.

The first call is expected to be held between 12 to 27 January 2026, with the second and final call to be held between 2 to 16 March 2026.

The proceeds from the rights issue are set to be used for infrastructure projects, including airports, data centres, green hydrogen, roads, PVC and copper smelting capacities, according to executives aware of the development.

The company will also utilise the funds raised for infrastructure projects in metals, mining, digital and media ventures.

On Tuesday, Adani Enterprises’ share price closed nearly 3% lower at ₹2,333.70 on the BSE, compared to ₹2,398.75 the previous day.

The company's market capitalisation (m-cap) stood at more than ₹3.01 trillion as of the stock market close on 25 November.

The context behind the rights issue

Adani Enterprises is the incubator of the Adani Group, which sets up and funds new ventures before spinning them off into separately listed companies.

Currently, its incubatees include airports, data centres, and businesses in solar panel manufacturing, wind turbine generator manufacturing, road construction, and copper smelting.

The rights issue comes at a time when the cement-to-infrastructure conglomerate saw its leverage ratios rise despite record Ebitda (earnings before interest, tax, depreciation and amortization) for the 12-month period ended 30 September.

In the first half of FY26, the group’s net debt increased to ₹2.79 trillion from ₹2.37 trillion at the end of FY25, according to the group's financials. This bumped up its net debt-to-Ebitda ratio to 3 times, up from 2.63 times in March, and the highest in two years.

This debt surge has come on the back of a significant capital expenditure (capex) push by the conglomerate — from ₹1.3 trillion in FY25 to ₹1.5 trillion for FY26 — as all its businesses are in expansion mode, betting on a rising Indian economy. In the first half of the current fiscal, the group has invested ₹67,870 crore, according to the group's financials.

“Our core infrastructure businesses continue to deliver strong double-digit growth even as we execute one of the largest capex programs, aligned with India’s Viksit Bharat capex super cycle,” Jugeshinder Singh, CFO for the entire Adani Group, said in a media release on Monday.

During the first half of FY26, the conglomerate recorded its highest-ever capital expenditure for the period, he said. “What took 25 years to build, we are now gearing up to replicate within a single year, and as new assets become operational on schedule, we expect to sustain returns on assets of 15–16%.”