Adani Enterprises opens one of India's largest rights issues

New Delhi: Adani Enterprises Ltd - the flagship firm of billionaire Gautam Adani's conglomerate - on Tuesday launched subscriptions for one of India's largest rights issues, offering shares at Rs 1,800 apiece, a discount of roughly 24 per cent to the approval date price.

Total size of the issue (assuming full uptake) is Rs 24,930.30 crore through the issuance of over Rs 13.85 crore new shares, according to the company's rights issue filing.

The issue closes on December 10.

Under the issue, three rights equity shares for every 25 existing fully-paid equity shares held are being offered.

The offer is open to all eligible shareholders, with promoters, who hold about 74 per cent in the company, confirming they will subscribe to their entitlement.

At the issue price, the conglomerate's flagship firm would command a valuation of nearly Rs 2 lakh crore.

Analysts peg the value of Adani Enterprises' airports business - India's largest airport network - between Rs 2 lakh crore and Rs 2.5 lakh crore, with some estimates extending to Rs 3 lakh crore.

Proceeds from the rights issue will fund next-generation infrastructure projects across airports, data centres, green hydrogen, roads, PVC and copper smelting, along with metals, mining, digital and media ventures under incubation. A portion of the capital will also be used to retire debt.

"On application, investors will have to pay Rs 900 (50 per cent of the issue price) per rights equity share. The balance amount (after payment of the application money), Rs 900 (50 per cent of the issue price) per rights equity share, will be payable by the rights equity shareholders in two subsequent calls," the offer document said.

"Rights entitlements (REs), which are neither subscribed nor renounced by the investors on or before the issue closing date (i.e. Wednesday, December 10, 2025) shall lapse and be extinguished after the issue closing date," the document said.