On Wednesday, shares of Adani Enterprises experienced a notable increase, rising over 6 percent to reach an intraday high of Rs 2,517. This surge marks the company's most successful trading day since mid-May, following the announcement of a substantial Rs 24,930-crore rights issue. This fundraising effort represents the largest since the cancellation of a follow-on public offering earlier in 2023.
The proceeds from this rights issue will be primarily allocated to bolster the company's balance sheet and support its expansion into various sectors, including airports, roads, and new-energy businesses. Adani Enterprises has established a rights issue price of Rs 1,800 per share, reflecting a 24 percent discount to the closing price from the previous day. The subscription period for this issue is scheduled to begin on November 25 and conclude on December 10.
Shareholders will initially pay Rs 900 per share upon application, followed by subsequent payments of Rs 450 each, which will occur in two stages: the first between January 12 and January 27, 2026, and the second between March 2 and March 16, 2026. The company reserves the option to modify the payment schedule if necessary.
Per the approvals received from the board and rights issue committee, the issue will consist of 13.85 crore partly paid-up equity shares priced at a premium of Rs 1,799 per share. The offer will be available in a ratio of three rights shares for every 25 fully paid-up shares held as of the record date, which is November 17.
In a recent earnings call, Chief Financial Officer Robbie Singh emphasized that this fundraising is integral to a broader capital management strategy aimed at fostering the next phase of the company's growth and incubation. Singh noted that the initiative will enhance Adani Enterprises' balance sheet, allowing current shareholders to engage in the ongoing growth narrative surrounding the firm's core infrastructure and energy transition operations.
A portion of the raised funds will facilitate the conversion of existing shareholder loans into equity, thereby curtailing debt levels. The remaining capital will be earmarked for growth initiatives, with any excess rights taken up by non-promoter shareholders allocated primarily to the airports sector while also benefiting roads and Adani New Industries.
Singh indicated that this financial infusion will greatly diminish the company's gross debt, providing it with a heightened capacity for accelerated growth. It will be particularly focused on fulfilling airport requirements in the upcoming year, alongside capital expenditure in roads and other developing sectors.
Adani Enterprises has outlined an ambitious capital expenditure pipeline of approximately Rs 36,000 crore for FY26, having already allocated Rs 16,300 crore in the first half. This budget includes Rs 10,500 crore for airports, Rs 6,000 crore for roads, Rs 9,000 crore for petrochemicals and materials, Rs 3,500 crore for metals and mining, and Rs 5,500 crore for Adani New Industries.
If fully subscribed, this rights issue will increase the total outstanding shares of Adani Enterprises from 115.42 crore to 129.26 crore. Following this latest price surge, the company's stock has reduced its year-to-date losses to approximately 2 percent.