Adani Enterprises rights issue oversubscribed; to raise about ₹24,930 crore

Adani Enterprises' rights issue drew bids for nearly 150 million shares, around 8 per cent above the 138.5 million on offer, with most additional demand coming from public shareholders

Adani Enterprises (AEL), the flagship of the Adani Group, has seen its rights issue oversubscribed, garnering bids for nearly 150 million shares — about 8 per cent more than the offer size of 138.5 million shares. Most of the additional demand came from public shareholders.

 

How much will Adani Enterprises raise, and what is the rights issue size?

 

The full subscription will enable the holding and incubation arm of the ports-to-airports conglomerate to raise about Rs 24,930 crore in fresh capital. The share sale is among the largest primary fundraises by an Indian company.

 

How does AEL plan to use the rights issue proceeds?

 

AEL plans to use the rights issue proceeds to repay or prepay existing borrowings at both the company and its subsidiary, Adani Airport Holdings, and also for capital expenditure.

 

What are the issue price and recent market details?

 

The Gautam Adani-led firm will issue the 138.5 million new shares at Rs 1,800 apiece. Shares of the company last closed at Rs 2,214, down 1.4 per cent from the previous day. At that price, the company’s market capitalisation stood at Rs 2.86 trillion.

 

How will the partly paid-up structure work for subscribers?

 

Subscribers will initially receive partly paid-up shares, with Rs 900 payable at the time of application, followed by two calls of Rs 450 each in January and March 2026. These partly paid shares will be traded separately.

 

Who subscribed, and how much is expected from promoters?

 

Among the largest public shareholders — Life Insurance Corporation of India (LIC), GQG Partners, and Green Enterprises — all are said to have subscribed to the rights issue. Nearly three-fourths of the total proceeds are expected to come from the promoter group, which currently holds 73.97 per cent in AEL.

 

What is AEL’s debt position and expansion focus?

 

As of September 2025, AEL had outstanding loans of Rs 1.1 trillion, up from Rs 80,400 crore a year earlier. The company is expanding into airports, data centres, green hydrogen, copper smelting, roads, and PVC manufacturing — ventures likely to involve additional capital expenditure and leverage.

 

How did AEL perform in H1 FY26, and what happened to its 2023 FPO?

 

In the first half of 2025–26, AEL reported net sales of Rs 43,210 crore and a net profit of Rs 4,292 crore, up 21 per cent year-on-year.

 

In 2023, AEL had withdrawn its fully subscribed Rs 20,000-crore follow-on public offering after its share price plunged following allegations by US-based short-seller Hindenburg Research.