By Kavita Mistry 
Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, has announced a massive ₹25,000 crore rights issue, marking its biggest equity raise since 2023. The funds will primarily be used to strengthen the company’s balance sheet and finance growth in its airports, roads, and new-energy ventures, signaling the group’s next phase of expansion.
Rights Issue Details: Discounted Price and Timeline
AEL’s board approved the plan on November 11, with the issue priced at ₹1,800 per share — over 25% below the prevailing market rate.
Existing shareholders will be eligible to participate when the issue opens on November 17, 2025. The shares will be partly paid-up, allowing investors to contribute in tranches rather than upfront.
The company’s Chief Financial Officer, Robbie Singh, said the rights issue is a “key part of a broader capital management plan” to support future incubation and growth.
Where the Funds Will Go
According to Singh, the proceeds from the issue will serve two main purposes:
- Conversion of existing shareholder loans into equity, reducing the company’s overall debt.
- Funding growth projects, especially in infrastructure and clean energy.
Non-promoter shareholder participation will directly fund expansion across:
- Airports: ₹10,500 crore
- Roads: ₹6,000 crore
- Petrochemicals & Materials: ₹9,000 crore
- Metals & Mining: ₹3,500 crore
- Adani New Industries (Renewables): ₹5,500 crore
Singh said the move will “materially reduce gross debt,” improving Adani’s ability to grow faster.
Airports Expansion: Navi Mumbai to Take Off
Within the airport segment, Adani Airports CEO Arun Bansal said the Navi Mumbai Airport will begin commercial operations this quarter, with Phase 2 already in the works. The company also plans to open a new terminal in Guwahati by the end of the fiscal year.
Additionally, city-side developments at both Mumbai and Navi Mumbai airports — including hotels, offices, and commercial spaces — will start next year, involving an investment of ₹20,000 crore and revenue generation expected by FY30.
Adani’s Largest Equity Raise Since 2023
This marks Adani’s first large-scale public fundraising since it withdrew its fully subscribed ₹20,000 crore follow-on offer in early 2023, following the short-seller controversy that rattled the group’s stocks.
The new issue underscores renewed investor confidence and a strategic shift toward equity-backed growth as AEL moves deeper into infrastructure and energy transition sectors.