Adani Enterprises’ board approves raising up to Rs 20,000 cr via FPO

Spread the love

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.

Source link

Spread the love

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.