ADANIENT

Launches ₹24,930 Cr Rights Issue Amid Market Pressure

has launched a ₹24,930 crore rights issue at a steep 25% discount to market price, aiming to strengthen its balance sheet and fund strategic growth. While the offer may attract investor interest, the stock has declined 5% over five days, underperforming the broader market. - Rights Issue Details and Pricing The issue opened on November 25 and will close on December 10. Priced at ₹1,800 per partly paid-up share (₹900 upfront, ₹900 via two calls), it offers a 25% discount to the prevailing market price of ₹2,398.75. Eligible shareholders (as of November 17) will receive three rights shares for every 25 held. Adani Enterprises is issuing 13.85 crore shares to raise ₹24,930 crore. Proceeds will be used for debt repayment at Adani Enterprises and Adani Airport Holdings, and for general corporate purposes. This aligns with the group’s broader deleveraging and operational strengthening across airports, roads, and new-energy verticals. The stock fell 2.9% on Tuesday as the rights issue opened, and edged up 0.5% on Wednesday to ₹2,345. It’s down 2.2% over two sessions and 5.4% year-to-date, underperforming the Nifty 50’s 9.5% gain in 2025. The steep discount and dilution concerns may be weighing on sentiment. Rights entitlements were credited on November 18. On-market renunciation ends December 5. The issue closes December 10, with allotment and demat credit on December 11–12, and listing expected on December 16. With a market cap of over ₹3 lakh crore, Adani Enterprises remains a key infrastructure and energy play. The rights issue offers a value entry point, but execution of capital deployment and clarity on debt reduction will be critical for stock re-rating.