Adani Enterprises opens ₹25,000 crore rights issue, one of India’s largest: Key things to know

The total size of the issue (assuming full uptake) is ₹24,930.30 crore through the issuance of over 13.85 crore new shares, according to the company's rights issue filing.

The issue closes on December 10.

What is a rights issue?

A rights issue is when a company offers new shares to its existing shareholders at a discounted price. Shareholders can buy these extra shares in proportion to what they already own. This helps the company raise money for things like expansion or reducing debt.

Shareholders benefit because they can maintain their ownership and get shares at a lower price. The offer is open only for a short time, and shareholders can choose to buy the shares, sell their rights, or simply ignore the offer.

Adani Enterprises' rights issue details

Under the issue, three rights equity shares for every 25 existing fully paid equity shares held are being offered.

The offer is open to all eligible shareholders, with promoters, who hold about 74% in the company, confirming they will subscribe to their entitlement.

At the issue price, the conglomerate's flagship firm would command a valuation of nearly ₹2 lakh crore.

Analysts peg the value of Adani Enterprises' airports business, India's largest airport network, between ₹2 lakh crore and ₹2.5 lakh crore, with some estimates extending to ₹3 lakh crore.

Fund Utilisation

Proceeds from the rights issue will fund next-generation infrastructure projects across airports, data centres, green hydrogen, roads, PVC and copper smelting, along with metals, mining, digital and media ventures under incubation. A portion of the capital will also be used to retire debt.

"On application, investors will have to pay ₹900 (50% of the issue price) per rights equity share. The balance amount (after payment of the application money), ₹900 (50% of the issue price) per rights equity share, will be payable by the rights equity shareholders in two subsequent calls," the offer document said.

"Rights entitlements (REs), which are neither subscribed nor renounced by the 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 said.