The ongoing ₹25,000-crore rights issue of Adani Enterprises Ltd. (AEL), which opened on November 25, has gained momentum ahead of its closure on December 10. The rights entitlement (RE) price has risen over 23.11% in the last two trading sessions, climbing from Rs 349.80 on December 3 to Rs 430.65 on December 5.

“Nearly half the bids have come in just the last 48 hours, signalling accelerating demand from both global and domestic investors,” an industry source told Fortune India.

Given the sharp move in the RE price and the size of the transaction, this continues to be one of the most closely watched capital-market developments this month, the source added.

AEL proposes to issue partly paid-up equity shares of face value ₹1 each, aggregating up to ₹24,930.30 crore, assuming full subscription and payment of all call monies. The issue will be offered in the ratio of 3 rights shares for every 25 fully paid-up shares held on the record date.

Post-issue, the Adani group flagship’s total equity shares will rise from 115.41 crore to 129.26 crore, assuming full subscription. The proceeds are expected to strengthen the company’s balance sheet and fund long-term growth initiatives.

The subscription window will remain active until December 10, 2025, during which shareholders can apply, trade or renounce their rights.

As per reports, state-owned insurer Life Insurance Corporation of India (LIC) and boutique investment firm GQG Partners were looking to participate in the AEL’s rights issue.

LIC’s combined equity and debt exposure to Adani Group companies is nearing ₹50,000 crore, accounting for less than 2% of its overall assets under management. Meanwhile, Rajiv Jain–backed GQG Partners has significantly increased its exposure to the Adani Group through multiple investments since March 2023. Last month, the U.S.-based asset management firm purchased additional shares worth ₹5,100 crore in Adani Enterprises, Adani Ports and SEZ, Adani Power, Adani Green Energy, and Adani Energy Solutions. Prior to this, GQG already held stakes across various Adani Group companies.

As of the end of the September 2025 quarter, the firm held 1.75% (2.01 crore shares) in Adani Enterprises, 2.42% (5.21 crore shares) in Adani Ports, 2.46% (4.04 crore shares) in Adani Green Energy, 1.86% (2.23 crore shares) in Adani Energy Solutions, and 1.54% (29.23 crore shares) in Adani Power.

In 2023, Adani Enterprises had withdrawn its planned ₹20,000 crore follow-on public offer (FPO) following the damaging report by U.S.-based short-seller Hindenburg Research, which triggered a massive sell-off across Adani Group companies, erasing over $100 billion in market value.

Meanwhile, shares of Adani Enterprises ended Monday’s trade at ₹2,215.50, down 2.19%, with a market capitalisation of ₹2.86 lakh crore.

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