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Informist, Wednesday, Dec. 10, 2025

AHMEDABAD – Adani Enterprises Ltd.'s INR 250-billion rights issue closed Wednesday with an overall subscription of 108%, a company spokesperson said in a statement. As of 1700 IST on the final day, the offer had received bids for 149.5 million shares against 138.5 million shares on offer.

The promoters of Adani Enterprises, who hold around 74% in the company, subscribed fully to their entitlement, while the public portion was oversubscribed by 30%, receiving bids for 47 million shares against 36 million shares on offer.

The rights shares were priced at INR 1,800 apiece, at a discount to the prevailing market price. Eligible shareholders were offered three rights shares for every 25 shares held. The payment structure required investors to pay INR 900 per share at application, followed by two additional calls of INR 450 each. The first call is scheduled between Jan. 12 and Jan. 27. The second is due between Mar. 2 and Mar. 16.

Adani Enterprises, positioned as the Adani Group's incubator, has continuing and planned investments across airports, data centres, roads, green hydrogen manufacture, copper smelting, and polyvinyl chloride production. Over the past year, it has exited from the edible oil joint venture Adani Wilmar Ltd. by offloading its 44% stake in phases. The divestment fetched nearly INR 157.50 billion, part of which the company is channelling towards debt reduction and expansion projects.

Proceeds from the rights issue, too, are earmarked to deleverage the company's balance sheet and to fund capital expenditure and repay shareholder loans, the company had said in its rights issue offer document. The company's gross debt as of Sept. 30 was INR 920.65 billion, up from INR 762.36 billion as of Mar. 31. Its net external debt swelled to INR 600.70 billion as of Sept. 30 from INR 493.06 billion as of Mar. 31.

This was the first major fund-raise by the company since February 2023, when Adani Enterprises had to call off its INR 200 billion follow-on public offer after allegations of stock manipulation and accounting fraud by the now-shuttered US-based short-seller Hindenburg Research. 

For the September quarter, Adani Enterprises had reported a consolidated net profit of INR 31.99 billion on a revenue of INR 212.49 billion. Wednesday, shares of the company closed 1.5% lower at INR 2,211.60 on the National Stock Exchange.  End

Reported by Sunil Raghu

Edited by Rajeev Pai

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