Adani Enterprises’ ₹250-Billion Rights Issue Oversubscribed
Adani Enterprises announced on Wednesday that its ₹250-billion ($2.8 billion) rights issue has been oversubscribed, marking the conglomerate’s largest capital raise since the turbulence caused by short-seller allegations in 2023. The share sale received bids for 149.5 million shares against the 138.5 million on offer by 5 p.m. IST. Promoters fully subscribed to their portion, while the public subscription reached 130%, taking the overall uptake to 108%.
This rights issue comes nearly two years after the company withdrew a planned $2.5 billion equity raise following accusations by the now-defunct Hindenburg Research. The short seller had alleged stock manipulation and improper use of offshore tax havens—claims the Adani Group denied. India’s markets regulator has since dismissed parts of the allegations.
Priced at ₹1,800 per share, the offer provided eligible shareholders three shares for every 25 held. Adani Enterprises said the funds will be used to lower debt levels and support capital expenditure, including repayment of shareholder loans.
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