Adani Enterprises Issues Final Reminder Notices for Rights Issue Call Money Payment Due by June 10, 2026
Adani Enterprises Limited has issued final Reminder Notices to holders of partly paid-up equity shares for outstanding First Call and/or Second and Final Call money of ₹450.00 per Rights Equity Share (25% of the ₹1,800.00 issue price), with a payment deadline of Wednesday, June 10, 2026. The payment window runs from Monday, May 18, 2026 to Wednesday, June 10, 2026, and payments must be made via cheque or demand draft at designated State Bank of India branches. Failure to pay by the deadline may result in forfeiture of shares; upon payment, shares will be credited under ISIN INE423A01024 and are estimated to be available for trading within three weeks.

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Adani Enterprises Limited has issued final Reminder Notices to holders of partly paid-up equity shares who have not yet remitted the First Call and/or Second and Final Call money under its rights issue. The Rights Issue Committee of the Board of Directors, at its meeting held on Wednesday, May 13, 2026 — which commenced at 5:00 PM and concluded at 5:25 PM — approved the dispatch of these Reminder Notices, marking the last opportunity for eligible shareholders to fulfil their payment obligations before potential forfeiture of shares.
Background and Call Money Structure
The rights issue was conducted pursuant to the Letter of Offer dated November 12, 2025. The Board of Directors had approved the payment schedule, including the period of payment of Calls, at its meeting dated November 11, 2025. Subsequently, the Rights Issue Committee had intimated the opening of the issue period for the First Call and the Second and Final Call at its meetings dated December 17, 2025 and February 9, 2026, respectively. The key financial parameters of the calls are summarised below:
| Parameter: | Details |
|---|---|
| Issue Price per Rights Equity Share: | ₹1,800.00 |
| Face Value per Rights Equity Share: | ₹1.00 |
| First Call Amount per Rights Equity Share: | ₹450.00 (25% of Issue Price) |
| First Call — Face Value Component: | ₹0.25 |
| First Call — Premium Component: | ₹449.75 |
| Second and Final Call Amount per Rights Equity Share: | ₹450.00 (25% of Issue Price) |
| Second and Final Call — Face Value Component: | ₹0.25 |
| Second and Final Call — Premium Component: | ₹449.75 |
| Record Date for Shareholding: | Friday, May 8, 2026 |
Two Categories of Reminder Notices
The Committee approved two distinct Reminder Notices. The First Call and Second and Final Call Reminder Notice is addressed to shareholders who have not paid either or both of the call amounts. The Second and Final Call Reminder Notice is directed at shareholders who have paid the First Call but have outstanding Second and Final Call money. Both notices carry the same payment deadline and are accompanied by detailed instructions and payment slips.
Prior to this final reminder, the Company had issued a First Call notice dated December 26, 2025, along with a corrigendum dated January 3, 2026, followed by a Reminder cum Second and Final Call Notice dated February 16, 2026. An additional reminder was also sent via email dated March 12, 2026 for outstanding First Call Money and/or Second and Final Call Money, as applicable.
Payment Window and Accepted Modes
The payment period for both calls is open from Monday, May 18, 2026 to Wednesday, June 10, 2026 — a window of 24 days (both days inclusive). Shareholders are required to make payment exclusively through cheque(s) or demand draft(s); cash payments will not be accepted. Part payments will be treated as non-payment and may render the shares liable to forfeiture. The cheque or demand draft must be drawn in favour of the appropriate account as indicated below:
| Shareholder Category: | Account Name |
|---|---|
| Resident Shareholders: | ADANI ENTERPRISES LIMITED-RIGHT ISSUE-CALL MONEY ACCOUNT-R |
| Non-Resident Shareholders: | ADANI ENTERPRISES LIMITED-RIGHT ISSUE-CALL MONEY ACCOUNT-NR |
Payments are to be submitted along with the duly filled payment slip at designated branches of State Bank of India across multiple cities including Ahmedabad, Bangalore, Baroda, Chandigarh, Chennai, Delhi, Ernakulam, Hyderabad, Jaipur, Kerala, Kolkata, Mumbai, Pune, Rajkot, and Surat, on or before Wednesday, June 10, 2026.
Consequences of Non-Payment and Share Conversion
Shareholders who fail to make the requisite payment by the deadline face significant consequences. The company is entitled to deduct from any future dividend payable to such shareholders all sums outstanding on account of calls. More critically, the partly paid-up equity shares — including amounts already paid thereon — may be liable to forfeiture in accordance with the Companies Act, 2013, the Articles of Association of the Company, and the Letter of Offer. However, where a payment is received that is less than the aggregate amount due, the Board or a duly authorised Committee may consider converting a proportionate lower number of Rights Equity Shares to fully paid-up status.
Post-Payment Credit and Registrar Details
Upon receipt of the outstanding call money, the Rights Equity Shares of ₹1/- each will be credited under the existing ISIN INE423A01024 and are estimated to be available for trading within three weeks from the last date of payment, i.e., Wednesday, June 10, 2026. Shareholders residing at locations without a State Bank of India collection centre may send their payment by registered post or speed post to the Registrar and Transfer Agent — MUFG Intime India Private Limited (formerly Link Intime India Private Limited), C-101, 1st Floor, Embassy 247, L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India (Tel: +91 810 811 4949), ensuring receipt on or before the deadline. The Reminder Notices, detailed instructions, and payment slips are available on the Company's website at www.adanienterprises.com and on the RTA's website at www.in.mpms.mufg.com .
Historical Stock Returns for Adani Enterprises
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +6.90% | +5.12% | +25.43% | +10.70% | +12.83% | +125.71% |
What percentage of partly paid-up shareholders are estimated to have defaulted on call payments, and how could mass forfeiture impact Adani Enterprises' capital structure and share dilution?
How might the potential forfeiture of unpaid rights shares affect Adani Enterprises' promoter shareholding percentage and overall ownership concentration?
Given the multiple reminder notices issued since December 2025, what does the low payment compliance suggest about investor sentiment toward Adani Enterprises' long-term growth prospects?

































