Adani Enterprises’ Rs 24,930.30 cr rights issue opens

New Delhi: Adani Enterprises Ltd -- the flagship firm of billionaire Gautam Adani's conglomerate -- on Tuesday launched subscriptions for one of India's largest rights issues, offering shares at Rs 1,800 apiece, a discount of roughly 24 per cent to the approval date price.

Total size of the issue (assuming full uptake) is Rs 24,930.30 crore through the issuance of over 13.85 crore new shares, according to the company's rights issue filing. The issue closes on December 10. Under the issue, three rights equity shares for every 25 existing fully-paid equity shares held are being offered.

The offer is open to all eligible shareholders, with promoters, who hold about 74 per cent in the company, confirming they will subscribe to their entitlement. At the issue price, the conglomerate's flagship firm would command a valuation of nearly Rs 2 lakh crore. Analysts peg the value of Adani Enterprises' airports business -- India's largest airport network -- between Rs 2 lakh crore and Rs 2.5 lakh crore, with some estimates extending to Rs 3 lakh crore.