The spotlight is firmly on Adani Enterprises as its board of directors has given the green light for a monumental rights issue aimed at raising up to ₹25,000 crore. This strategic move marks the company's most significant fundraising effort since the cancellation of its ₹20,000 crore Follow-on Public Offering (FPO) back in 2023.
Adani Enterprises Rights Issue: A Deep Dive into the Terms
The capital will be generated through the issuance of partly paid-up equity shares, each with a face value of Re 1. In concrete terms, the company plans to issue over 13.85 crore rights equity shares, aggregating to a total of ₹24,930.30 crore. For eligible investors, the rights issue price has been set at ₹1,800 per share, which represents a substantial 24% discount to the stock's closing price on the Tuesday before the announcement.
The company intends to allocate the proceeds from this massive exercise towards funding capital expenditure. A significant portion is expected to be channeled into the expansion of infrastructure projects, including those managed by its subsidiary, Adani Airport Holdings Ltd.
Critical Dates and Shareholder Eligibility
For shareholders looking to participate, several key dates have been finalized. The record date, which determines eligibility, is November 17, 2025. Shareholders registered by this date will be offered Rights Equity Shares in the ratio of 3 shares for every 25 fully paid-up equity shares they currently hold.
The subscription window for this rights issue will open on November 25, 2025, and close on December 10, 2025. Investors have the flexibility to trade or renounce their Rights Entitlements on the market until December 5, 2025.
Structured Payment Schedule for Investors
Understanding the payment structure is crucial for participants. The total amount of ₹1,800 per Rights Equity Share is not payable in one go. The payment is broken down into multiple phases to ease the financial burden on investors.
At the time of application, investors are required to pay ₹900 per share (₹0.50 face value and ₹899.50 premium). The remaining ₹900 will be collected through two subsequent calls:
- First Call: ₹450 per share (₹0.25 face value and ₹449.75 premium) is scheduled between January 12, 2026, and January 27, 2026.
- Second & Final Call: The last installment of ₹450 per share (₹0.25 face value and ₹449.75 premium) will be due between March 2, 2026, and March 16, 2026.
This fundraising initiative will lead to a dilution in equity. The number of outstanding shares will increase from the current 1,15,41,80,729 to 1,29,26,82,416 after the successful completion of the rights issue, signifying a new chapter of growth and expansion for the Adani Group flagship.
