Adani Enterprises rights issue: key dates and calls

What changed in the rights issue process

Adani Enterprises Ltd has approved the conversion of partly paid-up Rights Equity Shares into fully paid-up equity shares, after receiving outstanding call monies from shareholders. The decision was taken by the Rights Issue Committee of the Board of Directors at its meeting on April 6, 2026. The conversion covers 254,053 shares in total, split across two categories of partly paid holdings that were at different paid-up stages.

The company said the conversion applies to call monies received through modes other than the ASBA facility for the First Call Money and the Second and Final Call Money, as applicable. After conversion, these shares are treated as fully paid-up equity shares with a face value of ₹1.00 each. All converted shares now carry ISIN INE423A01024, aligning them with the company’s existing fully paid equity.

Key issue dates investors tracked

The rights issue schedule set out multiple dates for application and renunciation, followed by staged payment windows for instalments. The issue opened on November 25, 2025 and closed on December 10, 2025. The last date for market renunciation of rights entitlements (REs) was December 5, 2025.

The structure mattered because the rights shares were issued as partly paid-up shares, meaning shareholders were required to pay the issue price in instalments. Until all instalments were paid, the shares remained partly paid-up and could trade separately.

Entitlement ratio and record date

The entitlement ratio for the issue was 3:25. Eligible shareholders were entitled to apply for 3 rights shares for every 25 fully paid-up shares held on the record date. The record date for determining entitlement was Monday, November 17, 2025.

The offer document also specified that if a shareholder’s holding was less than 25 shares or not in a multiple of 25, fractional entitlements would be ignored while computing the rights entitlement. This affected the final RE credited to demat accounts for shareholders with non-standard holding sizes.

How rights entitlements (REs) typically work

Eligible shareholders received REs based on holdings as of the record date, generally credited to demat accounts. Investors could use the REs to apply for rights shares or renounce (sell) REs in the market before the renunciation cut-off. After the issue process, REs convert into equity shares upon payment and completion of allotment and related procedures.

Adani Enterprises’ issue also highlighted a key feature of partly paid structures: partly paid-up shares may trade separately until they become fully paid. This separation continues until all calls are paid and the conversion is completed.

Instalment structure: application money and call schedule

The rights issue price was payable in three instalments:

• Application money: ₹900 per share (payment window: November 25 to December 10, 2025)
• First call: ₹450 per share (payment window: January 12 to January 27, 2026)
• Final call: ₹450 per share (payment window: March 2 to March 16, 2026)

Shares became fully paid-up only after all instalments were paid. The company also noted that failure to pay subsequent calls may have implications as per the issue terms.

Second and final call: what was due and when

Adani Enterprises stated that the second and final call required eligible shareholders to pay ₹450 per rights equity share to complete conversion to fully paid status. The company disclosed that this ₹450 included ₹0.25 towards face value and ₹449.75 towards the premium component. This amount represented 25% of the total rights issue price of ₹1,800 per share.

The payment window for the second and final call opened on March 2, 2026 and closed on March 16, 2026, as per the schedule approved by the board and detailed in the letter of offer dated November 12, 2025. The Rights Issue Committee fixed February 13, 2026 as the record date to determine eligible shareholders for the final call notice.

April 6, 2026 conversion: shares moved to fully paid status

The Rights Issue Committee approved conversion on April 6, 2026, after receiving the required call monies. The conversion included:

• 20,583 shares that were 75% paid-up, comprising ₹0.75 face value and ₹1,349.25 premium per share, converted after receipt of the Second and Final Call Money.
• 233,470 shares that were 50% paid-up, comprising ₹0.50 face value and ₹899.50 premium per share, converted after receipt of both the First Call Money and the Second and Final Call Money.

Following this conversion, shareholders holding these 254,053 shares were recognised as fully paid equity holders, and the shares were no longer subject to further payment demands related to this rights issue.

Earlier milestone: conversion to 75% paid-up after first call

Adani Enterprises had earlier announced the conversion of 13,77,96,213 partly paid-up equity shares from 50% to 75% paid-up following receipt of the First Call Money. This conversion was approved by the Rights Issue Committee on February 2, 2026. The company stated that the premium component increased from ₹899.50 to ₹1,349.25 per share after the first call, and the shares carried ISIN IN9423A01048 at that stage.

Issue size, allotment, and listing details

Pursuant to the issue, Adani Enterprises issued and allotted 13,85,01,687 partly paid-up equity shares of face value ₹1 each at an issue price of ₹1,800 per share (including a premium of ₹1,799 per share). The company reported the aggregate size as ₹24,930.30 crore.

Separately, the company was also described as having conducted a ₹20,000 crore rights issue that opened and closed in January 2024. For the 2025 rights securities, exchange communication noted that new securities were listed and permitted to trade effective from Tuesday, December 16, 2025, with partly paid-up shares of ₹0.50 on a ₹1 face value.

Key numbers and dates at a glance

Market impact and why the conversion matters

The conversion from partly paid-up to fully paid-up equity is a procedural step, but it directly affects what shareholders hold in their demat accounts. Once the call monies are received and conversion is approved, the specific shares shift from “partly paid” to “fully paid”, and shareholders are no longer exposed to further payment demands for those shares under the rights issue terms.

For the company, the conversion confirms collection of the remaining amounts linked to these tranches and completes the payment cycle for the identified shares. The April 6, 2026 approval covered 254,053 shares, and the company also clarified that the conversion process referenced call money received through non-ASBA modes for the applicable calls.

Conclusion

Adani Enterprises’ rights issue structure relied on instalment payments, moving shares from 50% paid-up to 75% paid-up and then to fully paid-up after the final call. With the March 16, 2026 deadline marking the end of the second and final call window, the company’s April 6, 2026 committee approval formalised conversion of 254,053 partly paid-up rights shares into fully paid-up equity shares under ISIN INE423A01024. Further conversions, if any, would depend on receipt and processing of outstanding call monies as per the issue terms and timelines already disclosed.