Adani Enterprises Ltd. (AEL), the flagship entity of the Adani Group, has achieved full subscription for its massive ₹24,900 crore rights issue, marking a significant milestone in the conglomerate’s ongoing efforts to strengthen its balance sheet and raise long-term capital. According to a report by CNBC, the fundraising programme was fully subscribed on the final day of bidding, December 10, 2025, reflecting robust investor confidence despite a challenging macroeconomic environment.
The rights issue, one of the largest equity offerings in recent years, was structured through partly paid-up shares issued at a discount, encouraging heightened participation from both institutional and retail shareholders.
Oversubscription Reflects Strong Market Interest
Data released by the Bombay Stock Exchange (BSE) showed that the issue attracted a subscription level of 101%. As of 2:30 PM on the closing day, total bids stood at 13.88 crore shares against the 13.85 crore shares on offer. This oversubscription signals widespread investor willingness to back the company’s expansion initiatives and financial restructuring plans.
The issue opened on November 25, 2025, with rights shares priced at ₹1,800 each—representing a 20% discount to AEL’s closing price of ₹2,226.5 on December 9. The shares carry a face value of ₹1 and were offered on a partly paid basis to reduce immediate outflows for investors.
Eligibility and Rights Entitlement Structure
Shareholders recorded in the company’s demat books as of November 14, 2025, were eligible to participate in the offering. The entitlement ratio was set at 3 rights shares for every 25 shares held, allowing existing investors to increase their exposure at a preferential price. The on-market renunciation window—enabling eligible shareholders to trade or transfer their rights entitlements—closed ahead of the final bidding day, in accordance with regulatory timelines.
Use of Funds and Rising Debt Obligations
AEL plans to deploy a significant portion of the capital raised towards repayment and prepayment of borrowings. The company’s total debt surged to ₹1.1 trillion by September 2025, a sharp rise from ₹80,400 crore in the previous year. The successful subscription of the rights issue comes at a critical juncture, as the group continues its strategy of deleveraging while expanding across sectors such as infrastructure, energy, logistics, and digital services.
Participation of Key Investors and Promoter Support
Prominent institutional shareholders—including LIC, GQG Partners, and Green Enterprises—are among the major public investors backing AEL. The promoter group, holding a 73.97% stake, is expected to contribute nearly 75% of the funds raised through the rights issue, underscoring its commitment to the company’s capital-raising roadmap.
The fully subscribed issue gives AEL a stronger financial foundation as it continues to scale its operations and manage its expanding portfolio of businesses.
Summary
Adani Enterprises’ ₹24,900 crore rights issue was fully subscribed at 101% on December 10, 2025. The offering, priced at ₹1,800 per share, saw bids for 13.88 crore shares against 13.85 crore available. Eligible shareholders as of November 14 received rights at a 3:25 ratio. Funds will be used mainly to prepay or repay debt, which has risen to ₹1.1 trillion. Major investors such as LIC and GQG Partners participated, while the promoter group is contributing roughly 75% of the total funds.
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