Adani Enterprises Ltd.'s board on Tuesday set the record date and entitlement ratio for the rights issue to raise up to Rs 24,930 crore. The total number of rights equity shares on offer is 13.85 crore.
The company will record the shareholders on its roster on Nov. 17. The rights equity shares will be offered to eligible shareholders in the ratio of three partly paid-up shares for every 25 fully paid-up equity shares held on the record date, according to an exchange filing.
The issue price is Rs 1,800 per share.
Other terms of the Adani Enterprises rights issue, including fractional entitlements, will be included in the Letter of Offer to be filed later.
The company said it is raising capital via equity to strengthen its balance sheet further to support the next phase of incubation.
The company's gross debt stood at Rs 92,065 crore as of September.
The Adani Group anticipates an annual capital expenditure of $15-20 billion for the next five years. The equity and internal cash generation consistently support the asset-backed growth in business assets and enable businesses to effectively manage and utilise debt at an optimum level, as per an annual report.
Shares of Adani Enterprises ended 0.1% lower at Rs 2,366.3 apiece on the BSE, ahead of the announcement. The benchmark Sensex rose 0.4%. The stock has fallen 18% in the last 12 months.
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