Adani Enterprises board approves Rs 25,000 crore rights issue to eligible shareholders

Adani Enterprises, the flagship Adani Group company, announced on Tuesday, November 4, that its board has approved raising up to Rs 25,000 crore through a rights issue of partly paid-up equity shares with a face value of Re 1 each. The offer will be made to eligible equity shareholders as on the record date, which will be determined and announced later, it said in a regulatory filing.

The company said the rights issue will be undertaken in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and will remain subject to necessary regulatory and statutory approvals.

For the purpose of executing the rights issue, the board has authorised a Rights Issue Committee to finalise and approve specific details such as the issue price, rights entitlement ratio, record date, timing, and payment terms. These details will be disclosed to the exchanges in due course, the company added.

Adani Enterprises on Tuesday reported an 84% surge in its consolidated Q2 net profit to Rs 3,199 crore, compared with Rs 1,742 crore in the year-ago period. The profit after tax (PAT) is attributable to the owners of the company.

The company’s revenue from operations for the quarter stood at Rs 21,249 crore, down 6% from Rs 22,608 crore in the corresponding quarter of the previous financial year. In its filing to the exchanges on Tuesday, the company reported exceptional gains of Rs 3,583.28 crore in the quarter under review.

Shares of Adani Enterprises were trading at Rs 2,414, down 2.15% from the last close on the NSE at around 3 PM. Adani Enterprises’ stock price has declined over 16% in the last 1 year.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)