Dec 10 (Reuters) - India's Adani Enterprises said on Wednesday its 250-billion-rupee ($2.8 billion) rights issue was oversubscribed, marking the group's biggest capital raise since a short-seller's allegations roiled the ports-to-power conglomerate in 2023.
The share sale drew bids for 149.5 million shares against 138.5 million on offer as of 5 p.m. IST, with promoters, or large shareholders with management control, fully taking up their share and the public portion subscribed 130%, bringing overall subscription to 108%.
The company had scrapped a planned $2.5 billion equity raise in February 2023 after a now-defunct short seller Hindenburg Research accused the Adani Group of stock manipulation and misuse of offshore tax havens. Adani denied the allegations, and India's markets regulator has since dismissed parts of Hindenburg claims.
The rights issue was priced at 1,800 rupees per share, offering eligible shareholders three shares for every 25 held.
Adani Enterprises said proceeds will be used to reduce debt and fund capital expenditure, including repayment of shareholder loans.
($1 = 89.9290 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Shailesh Kuber)
