Adani Enterprises’ ₹25,000 Cr Rights Issue to Fund Expansion: Key Dates, Share Ratio, and Payment Details

Adani Enterprises on Tuesday announced key details of its ₹25,000 crore rights issue, which will be used to strengthen the company’s balance sheet and fund projects across its airport, roads, and new energy businesses.

The company’s Rights Issue Committee met on November 11, 2025 and finalised the terms of the issue. It will comprise 13,85,01,687 partly paid-up equity shares of ₹1 each, amounting to a total of ₹24,930.30 crore, assuming full subscription. The issue price has been fixed at ₹1,800 per share, including a premium of ₹1,799 per share.

On Wednesday, shares of the Adani Group’s flagship firm were trading up about 5% at ₹2,484.10 on the BSE as of 3:59 p.m.

The record date for determining eligible shareholders is Monday, November 17, 2025.

Before the issue, the company had 1,15,41,80,729 equity shares outstanding. After the rights issue, this will increase to 1,29,26,82,416 shares, assuming full subscription.

Eligible shareholders will receive three rights equity shares for every 25 fully paid-up shares held as of the record date.

The rights entitlements will be credited by November 18, 2025, and the issue will open on November 25, 2025. Investors can trade their rights entitlements on the market until December 5, 2025, while the issue will close on December 10, 2025.

Investors will make payments in three instalments, ₹900 at the time of application, ₹450 in January 2026, and the final ₹450 in March 2026. The company’s board may revise the payment schedule or timing if required under applicable laws.

Why Adani Enterprises Is Raising Funds

This rights issue marks Adani Enterprises’ largest equity fundraising since it withdrew its fully subscribed ₹20,000 crore follow-on public offer in early 2023, following a report by US short-seller Hindenburg Research that shook investor confidence in the group’s listed firms.

During the company’s second-quarter earnings call, Adani Group CFO Robbie Singh said the capital raise is part of a broader strategy to support the next phase of incubation and growth.

“This issue will strengthen AEL’s balance sheet for the next phase of incubation while allowing existing shareholders to participate in the growth story of our core incubating infrastructure and energy transition assets,” said Singh.

He added that the group’s primary objective is to convert shareholder loans into equity.

“The major shareholders, the promoter families, have provided loans to Adani Enterprises for growth. They do not seek repayment and are comfortable participating in the rights issue. Effectively, those loans will become equity,” Singh said.

“Consequently, the excess rights exercised by non-promoter shareholders will serve as growth capital, primarily funding the airports business, with some allocation for roads and Adani New Industries,” he added.

According to Singh, the infusion will materially reduce the company’s gross debt.

“You will see a very significant change in the gross debt number post this issue, giving us much greater capacity to grow and expand faster. It will fund airport requirements over the next 12 months and certain other smaller projects in roads, in line with our capital management plan,” he noted.

Adani Enterprises is entering a major investment phase, with planned capital expenditure of about ₹36,000 crore in FY26, up from ₹16,300 crore in the first half of the year. Around ₹10,500 crore will go into airports, ₹6,000 crore into roads, ₹9,000 crore into petrochemicals and materials, ₹3,500 crore into metals and mining, and ₹5,500 crore into Adani New Industries.

The Navi Mumbai Airport is set for commercial opening this quarter, with Phase 2 expansion already underway, while city-side developments at the Navi Mumbai and Mumbai airports worth ₹20,000 crore are scheduled to begin next year.