Adani Enterprises and Adani Energy Solutions are planning to raise funds via equity through board meetings next week. Adani Enterprises previously raised Rs 12,500 crore through a QIP in May 2023.
MUMBAI – and are looking at raising funds and will be having board meetings next week to approve the same.This will be done via , either through a private placement, a , or a , both the companies informed exchanges. While Adani Energy Solutions’ is on May 27, that of Adani Enterprises’ is on May 28.
The flagship company of the Adani group, Adani Enterprises, had last taken board approval to raise Rs 12,500 crore through a qualified institutional placement in May 2023. Group firm Adani Transmission also had board approval to raise Rs 8,500 crore, but both the companies did not go ahead with the fund raising.
In January last year, had conducted the country’s largest follow-on public offer, managing to successfully raise Rs 20,000 crore. Following allegations from US-based short-seller Hindenburg and the resultant crash in share prices, the company returned the money raised through the FPO to shareholders.
The company, which fosters new businesses within the Adani group, currently has energy, utility, data centers, infrastructure, consumer businesses, transport, logistics and mining within its portfolio.
It plans to spend Rs 80,000 crore on in the current financial year. Of this, more than Rs 50,000 crore will be allocated to for Adani New Industries (ANIL) and the airports business while the will get ₹12,000 crore. Its coal-to-PVC (polyvinyl chloride) project will get ₹10,000 crore and data centre segment ₹5,000 crore with the rest allocated to other businesses, the company said.
Gross debt at the company increased 31% to ₹50,124 crore as on March-end from ₹38,320 crore a year ago. Net external debt rose to ₹38,035 crore, from ₹27,776 crore during the period. Its stood at 1.13 as ona March 2024, up from 1.00 a year ago. End
Source: Stocks-Markets-Economic Times