Adani Enterprises’ ₹25,000 crore rights issue oversubscribed by 108%

Adani Enterprises Ltd’s (AEL) ₹25,000-crore rights issue, which opened on November 25, closed with a 108% oversubscription today. As of 5 p.m. on the final day, the company received bids for 14.95 crore shares against 13.85 crore shares on offer.

Promoters subscribed fully to their entitlement, while the public portion was oversubscribed by 30%, attracting bids for 4.7 crore shares against 3.6 crore on offer. The issue, among the largest rights offerings in India, was closely watched given the group’s 74% promoter holding, which made broad public participation essential.

Investors had to pay ₹900 per share upfront when applying for the rights issue. The remaining amount will be collected in two instalments of ₹450 each — the first between January 12–27, 2026, and the second between March 2–16, 2026. The rights shares were priced at ₹1,800 each, and eligible shareholders received three rights shares for every 25 shares they already owned.

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.

AEL said proceeds from the issue would be used for debt reduction and capital expenditure, including repayment of shareholder loans.

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 withdrew its planned ₹20,000 crore follow-on public offer (FPO) following an adverse 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.

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