Adani Enterprises shares were trading higher in Wednesday’s trade after the Adani Group flagship said it was looking to raise funds through further public offering (FPO), preferential allotment or a combination of both. . In this regard, the meeting of the Board of Directors will be held in Ahmedabad on Friday, 25th November.
The move comes as Gautam Adani’s conglomerate recently said it seeks to join the elite global club of companies with a $1 trillion valuation, investing over $150 billion in businesses ranging from data centers to green energy and airports and healthcare. Will invest more.
The stock rose 0.60 per cent to hit an intraday high of Rs 4,060 on the BSE, registering a year-to-date gain of 136 per cent. There has been a tremendous growth of 4500 per cent in this stock in the last five years.
According to a media report, the company has launched the FPO to raise Rs 20,000 crore from retail and institutional investors.
“Notice is hereby given that a meeting of the Board of Directors of Adani Enterprises will be held on Friday, the 25th November, 2022 at Ahmedabad to consider and approve, inter alia, the proposal to raise funds by way of further public offer, preferential allotment Adani Enterprises said in the post, and/or combination thereof as may be considered appropriate by way of issue of equity shares or any other eligible securities, subject to all regulatory/statutory approvals as may be required including approval of the shareholders of the company May Tuesday hours.
Adani Enterprises is the business incubator of the Adani Group, Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh suggested recently.
PTI quoted him as saying, “The ports, power, transmission and gas businesses were all developed by this company and when they reached a certain degree of maturity, they were split into separate companies and listed.”
PTI quoted Singh as suggesting, “The same approach would be applicable to many new businesses such as airports being developed under AEL. When they become independent and can finance their own capital expenditure plans, They will be separated.”
In October, Singh detailed the group’s growth plans, where he suggested plans to invest $50–70 billion in green hydrogen business and $23 billion in green energy over the next 5–10 years. PTI recently reported that the group is looking to invest $7 billion in power transmission, $12 billion in transport utilities and $5 billion in the road sector.
The Adani Group recently forayed into the cement sector by acquiring ACC and Ambuja Cements for an investment of $10 billion.
It is looking to enter the petrochemical business with plans to set up a 1 million tonne per annum PVC manufacturing facility at an investment of USD 2 billion and enter the copper sector with a 0.5 million tonne per annum smelter at an investment of USD 1 billion. , PTI reported. The foray into the healthcare sector which will include insurance, hospital and diagnostic and pharma will see an investment of $7-10 billion with some coming from the Adani Foundation.
Read also: Stocks in news: Wipro, Nykaa, Vedanta, Inox Green Energy and more
Read also: Inox Green Energy could make a forgettable market debut today. why here