The company intends to use a significant portion of the rights issue to repay shareholder loans provided by the promoter. This will effectively create headroom for the company to take on further debt. Final details of the quantum of the rights issue and the tranches will be decided in the next couple of weeks, sources added.
A meeting of the rights issue committee is scheduled for November 11, where they will decide the price, payment mechanism, rights entitlement ratio, record date and the timing of the rights issue.
ET BureauAn email sent to the company remained unanswered till the time of going to press.
This fundraise is the first major one since February 2023 when the company had to call off its ₹20,000 crore FPO (follow on public offer) amidst the impact of Hindenburg report which raised allegations of “stock manipulation and accounting fraud.”While Adani Enterprises raised $500 million through a qualified institutional placement last year, promoters decided to support the business through loans given that it was in the midst of capital expenditure for its greenfield Navi Mumbai airport and the copper business among others.“You will see that we have shareholder loan at roughly around ₹20,000-odd crore. As a major shareholder, these loans have been provided by the family’s holding to Adani Enterprises for growth,” Jugeshinder Singh, the group chief financial officer said in the analyst call, adding that the company is comfortable to participate in the right issue.
Shareholder loans or loans from promoters which was at ₹12,090 crore as on March 31, 2024 rose to ₹22,967 crore as on September 2025. Sources added that the Adani Group does not immediately require these funds, and accordingly, will tap the equity markets as per its requirements.
“The effective nature would be that the loan the shareholders have provided will become equity, and consequently, the excess rights exercised by non-promoter shareholders, will be the growth capital that will be primarily used for the airports business and the roads and Adani New Industries business,” Singh said.
Adani Enterprises had a gross debt of ₹92,065 crore at the end of the September quarter.
While the net external debt has risen from ₹30,966 crore in March 2024 to ₹60,070 crore in September 2025, this has largely been due to funds being deployed in incubating infra assets, the company said.
Adani’s Kutch Unit Inks 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 where the two companies will explore investment and offtake opportunities for Caravel Copper Project.
Under the MoU, Caravel’s resources and Adani’s smelting, processing and logistics capabilities will be combined. The partnership will also establish an exclusive framework for a life-of-mine offtake, which will cover up to 100% of Caravel’s copper concentrate output, which is about 62,00071,000 tonnes of payable copper annually. The final investment decision for the project will be taken in 2026.
