Adani Enterprises shares in focus as Rs 25,000-crore rights issue ends oversubscribed

Adani Enterprises will be in the spotlight on Thursday, December 11, after its massive Rs 25,000-crore rights issue closed on Wednesday with robust investor participation. The offer was subscribed 108%, attracting bids for 14.95 crore shares against 13.85 crore on offer—reflecting solid confidence from both promoters and public shareholders in the conglomerate’s flagship company.

The public portion of the issue witnessed even stronger demand, ending 130% subscribed, with 47 million applications against 36 million shares earmarked for non-promoter investors. Promoters, who hold around 74% in Adani Enterprises, fully subscribed to their entitlements, reinforcing support for the fundraising exercise.

The rights issue—one of the country’s largest and closely monitored—opened on November 25 and concluded on December 10. Rights shares were priced at Rs 1,800 each, requiring an upfront payment of Rs 900, followed by two additional calls of Rs 450 each scheduled between January 12–27, 2026 and March 2–16, 2026. Eligible shareholders were offered three rights shares for every 25 held on the record date.


Despite the strong subscription numbers, Adani Enterprises’ stock closed 1.5% lower at Rs 2,211.60 on Wednesday, as the market may have priced in the outcome or reacted to near-term supply considerations.

From a valuation perspective, the stock currently trades at a P/E of 32.58 and a P/B of 4.52, positioning it at a premium relative to many diversified conglomerates but aligned with the company’s growth profile and capital expansion plans.

Technical Outlook

On the technical side, the 14-day RSI stands at 38.1. While this level does not indicate an oversold zone yet—RSI below 30 is typically considered oversold and above 70 overbought—it does suggest weakening momentum after recent declines.

Additionally, the stock is showing a bearish trend across moving averages, as Adani Enterprises is currently trading below all 8 of its key simple moving averages (SMAs). This alignment of SMAs reinforces a negative short-term to medium-term bias.

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