By Jason Chau
Shares of Adani Enterprises Ltd., the flagship company of Indian conglomerate Adani Group, rose after the company announced a $2.82 billion rights issue.
The stock climbed over 5.5% early in Wednesday's session, touching a high of 2,500 rupees. The benchmark Sensex index was last up 0.6%.
In a statement overnight, the company said it aims to raise up to 249.3 billion rupees, or about $2.82 billion via the issuance. It plans to sell up to 138.5 million rights equity shares at 1,800 rupees each, representing a 24% discount from the stock's closing price on Tuesday.
"As the rights issue is 24% lesser than the current issue price, investor interest is rising before the record date of the rights issue, which explains why the stock price went up", said Kranthi Bathini, equity strategy director at WealthMills Securities.
Shareholders holding the stock on Nov. 17 will be eligible to receive three rights shares for every 25 shares they own, the statement showed.
Adani Enterprises is the primary investment vehicle for Indian billionaire Gautam Adani, with stakes in sectors ranging from defence and energy, to natural resources and airports and railroads.
Write to Jason Chau at jason.chau@wsj.com
(END) Dow Jones Newswires
November 12, 2025 00:34 ET (05:34 GMT)
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