Adani Enterprises To Consider Fundraising Today In The Board Meeting
Adani Enterprises is scheduled to hold its board meeting today. The board meeting is set to consider the fundraising from different investors.
The board of directors of Adani Enterprises, the flagship company of billionaire Gautam Adani’s conglomerate Adani Group, will convene today, or Friday, November 25, 2022, to discuss and accept the request to raise cash.
The board of directors of Adani Enterprises Limited will meet on November 25th in Ahmedabad, among other things to discuss and approve the proposal to raise money through a new public offering.
The preferential allotment by way of issue of equity shares or any other eligible securities (including through a qualifying institutional placement or through any other authorized mode) and/or combination thereof as may be determined appropriate.
It is contingent on receiving all necessary regulatory and statutory clearances, including the consent of the company’s shareholders.
At the end of September, Adani Enterprises was included in the NSE Nifty 50 Index, which serves as a benchmark. It serves as the Adani Group’s incubator for future ventures.
With a multibagger return of ever more than 129% in 2022 (YTD) thus far, the Adani Group stock has nearly doubled this year.
Adani Enterprises, meanwhile, announced a quarterly profit that more than doubled for the quarter that ended in September (Q2 FY23), aided by good results at its combined resources management and airports segments.
Also Read: Adani Defense & Aerospace To Acquire Air Works For ₹400 Crore
According to a Bloomberg story, Gautam Adani is allegedly wooing sovereign wealth funds to raise about $5 billion in stock across his vast corporate empire and lower leverage.
Adani Enterprises Ltd., a prominent company, is thinking about issuing between $1.8 billion and $2.4 billion in fresh shares as early as next year.
The money earned from the possible Adani Enterprises share issuance may be included in the $5 billion to $10 billion plan.
The Adani group’s systematic capital management program, which has been in operation since 2019, includes plans for equity financing.
The Indian group was previously funded by investments made by the International Holding Co. of Abu Dhabi and the Qatar Investment Authority.
According to the article, the fundraising would begin with Adani Enterprises and is independent of the group’s intentions to raise debt.