Adani Enterprises to spread rights issue of Rs 25,000 cr over 4 tranches

Adani Enterprises will spread the proposed rights issue of up to ₹25,000 crore (its largest ever fundraising) over four equal tranches and a period of six to eight months, sources aware of the development said.The company plans to use a significant portion of the rights issue to repay shareholder loans extended by the promoter. This will effectively create room for the company to take on further debt. Final details on the size of the rights issue and the tranches will be determined in the coming weeks, sources said.

A meeting of the rights issue committee is scheduled for November 11, where they will decide on the price, payment mechanism, rights ratio, registration date and timing of the rights issue.

An email to the company remained unanswered as of press time.

This fundraise is its first major fundraise since February 2023, when the company had to call off its ₹20,000 crore FPO (follow-up to public offer) due to the impact of the Hindenburg report that leveled allegations of “stock manipulation and accounting fraud”. While Adani Enterprises raised $500 million through a qualified institutional placement last year, the promoters decided to support the company with loans as it was in the midst of capital expenditure for the Navi Mumbai greenfield airport and copper plant. “You will see that we have a shareholder loan of roughly around ₹20,000 crore. As a major shareholder, these loans have been extended by the family holding company to Adani Enterprises for growth,” Jugeshinder Singh, the group’s Chief Financial Officer, said in the analyst call, adding that the company is comfortable participating in the right issue.Shareholder loans or promoter loans which stood at ₹12,090 crore as on March 31, 2024 rose to ₹22,967 crore as on September 2025. Sources added that the Adani Group has no immediate need for these funds and will accordingly tap the equity markets as per its requirements.

“The effective nature would be that the loan extended by the shareholders will become equity and hence the excess rights exercised by non-promoter shareholders will be the growth capital which will be used mainly for the airport operations and roads and business of Adani New Industries,” Singh said.

Adani Enterprises had a gross debt of ₹92,065 crore at the end of the September quarter.

While net external debt has risen from ₹30,966 crore in March 2024 to ₹60,070 crore in September 2025, this is largely due to funds being deployed for incubating infrastructure assets, the company said.

Adani’s Kutch Unit signs pact with Aussie Company for copper offtake
Kutch Copper, a subsidiary of Adani Enterprises, and Australia’s Caravel Minerals have signed a non-binding MoU under which the two companies will explore investment and offtake opportunities for the Caravel Copper Project.

Under the MoU, Caravel’s resources and Adani’s smelting, processing and logistics capabilities will be combined. The partnership will also create an exclusive framework for a reduction in the life of the mine, which will cover up to 100% of Caravel’s copper concentrate production, equivalent to approximately 62,00071,000 tonnes of payable copper per year. The final investment decision for the project will be made in 2026.