opened its ₹24,930 crore rights issue today at an issue price of ₹1,800 per share, about a 23% discount to the prior close, with subscriptions closing on December 10, 2025. The entitlement ratio is 3 rights equity shares for every 25 fully paid-up equity shares held on the record date (November 11), with promoters (c.74% holding) expected to subscribe to their portion. Key terms * Size and price: ₹24,930 crore; ₹1,800 per share; 13.85 crore shares on offer; post-issue shares c.129.27 crore vs 115.41 crore pre-issue, assuming full subscription. * Payment schedule: Application ₹900; first call ₹450 (Jan 12–27, 2026); second/final call ₹450 (Mar 2–16, 2026). * Use of proceeds: Airports, data centres, green hydrogen, roads, PVC, copper smelting, metals/mining, digital/media, and partial debt repayment (gross debt ₹92,065 crore as of September). Investor lens * Discount and calls lower upfront outlay, but unpaid calls remain a liability until fully paid, so plan liquidity accordingly. * Promoter participation can support confidence; watch subscription levels and trading of REs (if listed) for acceptance signals. * Share drift: Stock fell ~5% over three sessions into the launch, typical of supply/discount dynamics around large rights offers; monitor post-allotment flows. Source: The Economic Times No Recommendations

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