Shares of Adani Enterprises surged over 6% to an intraday high of Rs 2,517 on Wednesday, marking their best trading day since May 12, after the company announced a Rs 24,930-crore rights issue, its largest fundraising since the scrapped FPO in 2023.

The rights issue, priced at Rs 1,800 per share—a 24% discount to Tuesday’s closing price—will open on November 25 and close on December 10. Shareholders will pay Rs 900 per share on application, followed by two calls of Rs 450 each in January and March 2026. Adani Enterprises retains the right to modify the payment schedule if required.

The issue comprises 13.85 crore partly paid-up equity shares at a premium of Rs 1,799 per share, offered in the ratio of three rights shares for every 25 fully paid-up shares held on the record date of November 17.

CFO Robbie Singh highlighted that the proceeds will strengthen the company’s balance sheet, convert existing shareholder loans into equity, and fund expansion across airports, roads, and Adani New Industries. He noted that the rights issue will materially reduce the company’s gross debt, boosting capacity for faster growth and funding airport-related capital requirements over the next 12 months.

Adani Enterprises has outlined a capex pipeline of Rs 36,000 crore for FY26, of which Rs 16,300 crore has already been deployed in H1. Planned investments include:

• Airports: Rs 10,500 crore
• Roads: Rs 6,000 crore
• Petrochemicals and materials: Rs 9,000 crore
• Metals and mining: Rs 3,500 crore
• Adani New Industries: Rs 5,500 crore

If fully subscribed, the rights issue will raise the company’s outstanding shares to 129.26 crore from 115.42 crore. Following the announcement, the stock has pared its year-to-date losses to around 2%.