“We wish to inform you that the Board of Directors… has inter-alia approved 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 subject to necessary approvals including a nod at the ensuing AGM to be held on June 24 and other regulatory approvals.
Adani Enterprises had last taken board approval to raise Rs 12,500 crore through a QIP in May 2023 but did not go ahead with the fundraising.
Earlier on Monday, Adani Energy Solutions said that it will raise up to Rs 12,500 crore through qualified institutional placement (QIP) or other permissible mode.Following today’s announcement, shares of Adani Enterprises were trading flat at Rs 3,295.20 on BSE. The stock is now erased almost all the losses seen during the Hindenburg crisis last year which made the company cancel its Rs 20,000 crore follow-on public offer (FPO).Earlier in the day, business daily Financial Times reported that the ports-to-power conglomerate is likely to apply for a licence to operate on UPI and is also in talks with banks to finalise plans to launch a co-branded credit card.Adani is reportedly discussing the possibility of providing online shopping services through the Open Network for Digital Commerce (ONDC). Once the plans are finalised, Adani could offer its services through Adani One, which was launched in 2022. Through Adani One, the company offers services like flight and hotel booking.
In the March quarter, Adani Enterprises reported a consolidated net profit of Rs 451 crore for the quarter ended March 2024, which was down by 38% on a year-on-year basis versus Rs 722.48 crore posted by the company in the corresponding quarter of the last financial year.
