Adani Enterprises Ltd., the flagship firm of Gautam Adani’s sprawling port-to-power conglomerate, is preparing to raise as much as 250 billion rupees ($2.8 billion) through a rights issue, according to people familiar with the matter. The company disclosed on Thursday that its board will meet on November 4 to review a fundraising plan via various modes, including the rights offering, though further details were not provided in the filing.
As reported by Bloomberg, proceeds from the rights issue — available to existing shareholders — are intended to support Adani Enterprises’ capital-intensive projects, particularly the expansion of Adani Airport Holdings Ltd. The group’s founders are expected to subscribe to roughly 70% of the rights issue. The offering is being planned in at least three tranches, with the first tranche anticipated to begin by February 2026, although the final structure remains subject to change.
The fundraising push comes as Adani’s conglomerate regains growth momentum after facing significant setbacks over the past two years. In early 2023, Hindenburg Research accused the group of fraud, and last year the US Department of Justice launched a bribery probe. The company received a reprieve in September when India’s markets regulator dismissed some of the allegations.
The planned capital infusion coincides with the recent inauguration of the Navi Mumbai Airport by Prime Minister Narendra Modi. Adani Airport Holdings, which is already India’s largest private-sector airport operator, is investing approximately 200 billion rupees in the airport’s first phase, with a second phase slated to receive an additional 300 billion rupees in investment.
Adani Airport Holdings is also targeting an initial public offering by March 2027, signaling the group’s long-term ambitions in the aviation sector. The rights issue will provide the company with the resources to accelerate growth-stage projects, expand operations, and consolidate its position as a leading infrastructure player in India.
The move reflects the Adani Group’s broader strategy to leverage capital markets to fund high-growth ventures while navigating past regulatory and market challenges. With investor confidence gradually returning, the rights issue represents a critical step in rebuilding the group’s expansion trajectory, particularly in strategic sectors like airports that require substantial upfront investment.
