Adani Enterprises Sets Dec 23 Record Date for ₹450 First Call

Introduction

Adani Enterprises Limited (AEL) has formally announced the next step in its successful ₹24,930.30 crore rights issue, setting December 23, 2025, as the record date. This date is crucial for identifying shareholders holding partly paid-up equity shares who are required to make the first call payment of ₹450 per share. The decision was finalized by the company's Rights Issue Committee, marking a key milestone in the capital-raising process designed to fuel the company's expansion and reduce debt.

Rights Issue Committee Formalizes Key Dates

The Rights Issue Committee of the Board of Directors convened on December 17, 2025, to formalize the timeline for the first call payment. In compliance with SEBI Listing Regulations, the committee fixed Tuesday, December 23, 2025, as the record date. Shareholders whose names appear in the register of members on this date will be eligible to receive the first call notice. The payment window for this call is scheduled to run from January 12, 2026, to January 27, 2026, as outlined in the original Letter of Offer dated November 12, 2025.

Breakdown of the First Call Payment

The first call requires a payment of ₹450 per rights equity share. This amount constitutes 25% of the total issue price of ₹1,800 per share. The payment is structured to include a portion for the share's face value and a larger portion towards the share premium, reflecting the market value of the equity.

This structured payment approach, with an initial payment of ₹900 on application and two subsequent calls of ₹450 each, was designed to provide financial flexibility to investors participating in the issue.

Background of the Successful Rights Issue

The rights issue, one of the largest in India, involved the allotment of 13,85,01,687 partly paid-up equity shares. It opened for subscription on November 25, 2025, and closed on December 10, 2025. The issue was priced at ₹1,800 per share, offering a significant discount to the prevailing market price at the time, which attracted strong investor interest. The entitlement ratio was set at 3 rights shares for every 25 fully paid-up shares held by eligible shareholders on the record date of November 17, 2025.

Overwhelming Investor Response

The fundraising effort was met with robust demand, closing with an overall subscription of 108%. The public portion saw even stronger participation, getting oversubscribed by 130%, indicating broad-based retail and institutional confidence in the company's growth strategy. Promoters of the Adani Group also fully subscribed to their entitlements, reinforcing their commitment to the company's long-term vision. The strong subscription figures were seen as a significant vote of confidence from the market.

Strategic Allocation of Funds

Adani Enterprises has clearly outlined its plans for the capital raised. The proceeds are earmarked for a combination of debt reduction and strategic capital expenditure. A significant portion will be channeled into funding growth in its capital-intensive, next-generation businesses. These include expanding its airport operations, developing data centers, scaling up its green hydrogen ecosystem, and investing in its copper smelting and PVC manufacturing ventures. This strategic deployment of capital is expected to strengthen the company's balance sheet and support its role as the Adani Group's primary business incubator.

Analyst Outlook and Market Performance

Market analysts have maintained a generally positive outlook on Adani Enterprises, citing its strategic fundraising and growth initiatives. Ventura Securities initiated a 'Buy' rating with a target price of ₹3,433, suggesting a potential upside of 43%. Technical analysts have also noted a positive trend in the stock's performance.

Riyank Arora of Mehta Equities pointed out that the stock has immediate support near ₹2,150 and resistance around ₹2,300, suggesting that a sustained move above this level could trigger further upside.

Conclusion

With the record date for the first call payment now set, Adani Enterprises is moving forward with the execution of its ₹24,930 crore rights issue. The successful oversubscription has provided the company with substantial capital to pursue its ambitious growth plans across various infrastructure and new-age sectors. Shareholders on record as of December 23, 2025, will need to prepare for the payment window in January 2026, which will mark the next phase in this significant corporate fundraising exercise.