Adani Flagship Prices $2.8 Billion Rights Issue at 24% Discount

Adani Enterprises Ltd. offered stock to existing shareholders at a 24% discount for a rights issuance that aims to raise 249.3 billion rupees ($2.8 billion).

The company is selling as many as 138.5 million shares at 1,800 rupees each, according to an exchange filing Tuesday. The stock rose as much as 3.4% to 2,446.90 rupees in early Wednesday trading, though it remains down about 3% so far this year.

To investors holding the stock on Nov. 17, Adani will offer 3 rights shares for every 25 shares they own, according to the statement.

The company plans to use the proceeds ...