Adani Enterprises’ board to consider raising funds on Nov 25

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The board of Adani Enterprises will consider raising capital through a public offer, preferential allotment (including QIP) or a combination of methods on November 25, the flagship firm of Gautam Adani’s group said on Tuesday.

“Meeting of the Board of Directors Adani Enterprises Limited will be held on Friday, November 25, 2022 at Ahmedabad to consider the proposal for raising funds by way of further public offer, preferential allotment (through an eligible institution placement or any other permissible mode) and/or a combination thereof and may be approved. shall be by way of issue of equity shares or any other eligible securities considered appropriate, the company said in a stock exchange filing.

The company is “looking at issuing at least $1.8 billion in new shares,” Bloomberg reported, citing people familiar with the matter.

Earlier this month, Adani Enterprises said its consolidated profit for the September quarter rose 117 per cent year-on-year (YoY) to Rs 461 crore, as against Rs 202 crore in the corresponding quarter last year.

Consolidated total income for the quarter grew by 183 per cent to Rs 38,441 crore as compared to Rs 13,597 crore in the same quarter last year. The company said the top line growth was driven by strong performance in the IRM and airport businesses.

Shares of Adani Enterprises have gained about 136% 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.

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