Adani Enterprises on Friday said its board has approved raising funds up to Rs 20,000 crore through a further public offering (FPO).
“The board approved raising funds by way of a fresh issue of equity shares by way of a public offer of up to Rs 20,000 crore by the company,” the Adani Group flagship firm said in a stock exchange filing.
At 1450 hrs on Friday, the company’s stock was trading 1% down at Rs 3,878 on BSE.
In an interview with the Financial Times on Friday, he said Adani Group chairman Gautam Adani plans to invest over $4 billion in a petrochemical complex in Gujarat.
Asia’s richest man, Adani is planning to launch a “super app” in the next three to six months to connect airport travelers to other Adani Group services, according to reports.
Shares of Adani Enterprises have gained nearly 130% so far this year, according to Bloomberg calculations, giving it a market value of about $56.3 billion.
Adani’s conglomerate is looking to raise at least $10 billion in new debt next year as it seeks to refinance its high-cost borrowings and fund projects in the pipeline, Bloomberg reported last month.