Adani Enterprises’ ₹25,000 crore rights issue opens Nov 17; price set at 24% discount

Shares of Adani Enterprises Ltd (AEL) will be in focus today after the group flagship announced a ₹25,000 crore rights issue to strengthen its capital base. The issue price has been set at ₹1,800 per share, including a premium of ₹1,799, representing a 24% discount to the current market price. The record date for determining eligible shareholders is Monday, November 17, 2025.

Following the announcement, AEL shares opened slightly higher at ₹2,398.60, up 0.13%, valuing the company at ₹2.73 lakh crore. On Tuesday, the stock had closed marginally lower at ₹2,366.30 on the BSE. The counter touched its 52-week high of ₹2,945.70 on November 11, 2024, and a 52-week low of ₹2,026.90 on March 3, 2025.

The company’s board had approved the rights issue on November 4, 2025, while it received in-principle approval from both the BSE and NSE on November 7, 2025.

Under the approved structure, AEL will issue 13.85 crore 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 company’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.

Group demonstrates strong capital access

In 2023, Adani Enterprises had withdrawn its planned ₹20,000 crore follow-on public offer (FPO) following the damaging report by U.S.-based short-seller Hindenburg Research, which triggered a massive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.

Despite the setback, the group quickly restored financial stability through a series of debt-raising and refinancing measures. It refinanced $3.5 billion in loans used for acquiring Ambuja Cements Ltd and ACC Ltd in October 2023 and secured a $533 million commitment from the U.S. International Development Finance Corporation (DFC) for a Sri Lanka joint venture in November 2023 (later withdrawn in December 2024), as per Bank of America latest report.

In December 2023, Adani Green Energy Ltd (AGEL) arranged a $1.4 billion construction financing facility backed by international lenders. The group also executed refinancing plans for AGEL’s holding company ($750 million) and restricted group ($500 million), supported by internal accruals, proceeds from its partnership with TotalEnergies—$300 million received in December 2023 and another $444 million in September 2024—and promoter contributions, the report noted.

In addition, Adani undertook progressive bond buybacks to reinforce its balance sheet and restore investor confidence.

BofA initiates coverage on Adani bonds

The rights issue announcement came a day after Bank of America (BofA) initiated credit coverage on the power-to-ports conglomerate. The global brokerage assigned an ‘Overweight’ rating on several of Adani Group’s U.S. dollar-denominated bonds, citing strong fundamentals, resilient operations, and sustained access to funding despite ongoing regulatory scrutiny.

Adani Group currently has 13 dollar bonds outstanding, amounting to $5.7 billion. These include seven issuances from its ports and logistics businesses (Adani Ports and SEZ—ADSEZ, and Adani Infra—ADINCO), four from electricity utilities (Adani Transmission—ADTIN, and Adani Energy Solutions—ADANEM), and two from renewable energy entities (Adani Renewable—ARENRJ and Adani Green—ADGREG).

According to BofA’s report, Adani’s diversified asset base across ports, utilities, and renewables continues to drive robust cash flows and support credit stability across its key bond issuers, including Adani Ports and SEZ, Adani Transmission, Adani Energy Solutions, and Adani Infra.

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