Adani Enterprises' Rs 25,000-Crore Rights Issue Oversubscribed; Check Details

Adani Enterprises Ltd.'s Rs 25,000-crore rights issue, amongst the largest in India till date, closed on a strong note with 108% oversubscription on Wednesday. The issue received bids for 14.95 crore shares against 13.85 crore shares on offer, as per data on the BSE.

The rights issue opened on Nov. 25 and was closely watched given the company's 74% promoter holding, which made broad public participation essential. Rights shares were priced at Rs 1,800 apiece, with eligible shareholders entitled to three rights shares for every 25 equity shares held.

Promoters subscribed fully to their entitlement, while the public portion was oversubscribed by 30%, drawing 4.7 crore share bids against 3.6 crore on offer, as per reports.

Large institutions, including New York-based GQG Partners, and domestic mutual funds participated, according to sources. High net worth individuals and retail investors also heavily participated in the issue.

Under the payment structure, investors were required to pay Rs 900 per share on application, followed by two additional calls of Rs 450 each—the first scheduled between January 12-27, 2026, and the second between March 2-16, 2026.

Proceeds from the issue will be used for debt reduction and capital expenditure, including repayment of shareholder loans. 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.

Adani Enterprises, the Adani Group’s incubator arm, continues to expand across airports, data centers, green hydrogen manufacturing, copper smelting, roads, and PVC manufacturing. Over the past year, the company has exited its agri-business venture, Adani Wilmar Ltd, selling its 44% stake in phases and raising nearly Rs 15,750 crore from the divestment.

Shares of Adani Enterprises settled 1.4% lower at Rs 2,211.6 on the NSE, compared to a 0.3% decline in the benchmark Nifty 50. The stock has fallen 11% so far this year.

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