new delhi/mumbai, Nov. 26 -- Adani Enterprises, the flagship firm of billionaire Gautam Adani's diversified conglomerate Adani Group, opened its mega rights issue on Tuesday, looking to raise nearly Rs.25,000 crore. The issue priced at Rs.1,800 per share, a discount of almost 24% for shareholders, closes on Wednesday. Investors participating in the issue will get three equity shares for every 25 fully paid shares held in the company. To be sure, only existing investors can participate in the issue. Adani Enterprises is offering 138.5 million equity shares at an issue price of Rs.1,800 per share at a face value of Rs.1 apiece. On full subscription, the firm is expected to raise Rs.24,930 crore. The payment schedule of the shares are Rs.900 on application, first call of Rs.450, and the second and final call of Rs.450. The proceeds from the rights issue are set to be used for infra projects, including airports, data centres, green hydrogen, roads, PVC and copper smelting capacities, according to executives aware of the development. The firm will also utilize the funds raised for infrastructure projects in metals, mining, digital and media ventures. On Tuesday, Adani Enterprises' share price closed nearly 3% lower at Rs.2,333.70 on the BSE, compared to Rs.2,398.75 the previous day. The company's market capitalisation (m-cap) stood at more than Rs.3.01 trillion as of the stock market close on 25 November. The rights issue comes at a time when the cement-to-infrastructure conglomerate saw its leverage ratios rise despite record Ebitda (earnings before interest, tax, depreciation and amortization) for the 12-month period ended September 30. "Our core infrastructure businesses continue to deliver strong double-digit growth even as we execute one of the largest capex programs, aligned with India's Viksit Bharat capex super cycle," Jugeshinder Singh, chief financial officer (CFO) for the Adani Group, said in a statement on Monday. During the first half of FY26, the conglomerate recorded its highest-ever capital expenditure for the period, he said. "What took 25 years to build, we are now gearing up to replicate within a single year, and as new assets become operational on schedule, we expect to sustain returns on assets of 15-16%." Adani Enterprises is the incubator of the Adani Group, which sets up and funds new ventures before spinning them off into separately listed companies. Currently, its incubatees include airports, data centres, and businesses in solar panel production, wind turbine generator manufacturing, road construction, and copper smelting. In the first half of FY26, the group's net debt increased to Rs.2.79 trillion from Rs.2.37 trillion at the end of FY25, according to the group's financials. This bumped up its net debt-to-Ebitda ratio to 3 times, up from 2.63 times in March, and the highest in two years. This debt surge has come on the back of a significant capex push by the conglomerate-from Rs.1.3 trillion in FY25 to Rs.1.5 trillion for FY26-as all its businesses are in expansion mode....