Adani Enterprises received the approval for its Rs 16,000 crore fundraise from its board via qualified institutional placement (QIP) on Tuesday, the company announced in an exchange filing.
Read More: Adani Group Wants To Take On Amazon, PhonePe With Entry Into E-commerce, Payments: Report
“We wish to inform you that the Board of Directors… has inter-alia approved the raising of funds by way of issuance of such number of equity shares having face value of Re 1 each of the Company and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches,” Adani Enterprises said in a regulatory filing.
The decision is pending necessary approvals, including approval at the upcoming AGM scheduled for June 24, as well as other regulatory consents.
Read More: Petrol, Diesel Price Today: Check Latest Fuel Prices In Your City On May 28
Adani Enterprises had received board approval to raise Rs 12,500 crore through a QIP in May 2023, but chose not to proceed with the fundraising at that time.
Adani Energy Solutions announced its plans on Monday to raise up to Rs 12,500 crore via qualified institutional placement (QIP) or other approved methods.
Shares of Adani Enterprises were trading flat at Rs 3,295.20 on the BSE.
The stock has now nearly recovered all the losses incurred during last year’s Hindenburg crisis, which had led the company to cancel its Rs 20,000 crore follow-on public offer (FPO).
Read More: BluSmart Launches New ‘Charge’ App On Google Play Store To Meet Diverse EV Customer Needs
Adani Enterprises announced a consolidated net profit of Rs 451 crore for Q4 FY24, a 38% decline compared to the Rs 722.48 crore profit reported during the same quarter of the previous year.
