The board of Adani Enterprises has approved fundraising of Rs 16,600 crore via the QIP routes, the company said on Tuesday.
In a regulatory filing, the Adani Group said, “We wish to inform you that the Board of Directors… has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Re 1 each of the Company and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (“QIP”) or other permissible mode in one or more tranches.”
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The firm will seek the approval of shareholders at the ensuing annual general meeting scheduled to be held on 24 June, it said.
A day before, the Adani Energy Solutions had said that its board has approved a fund raise of up to Rs 12,500 crore through QIP or other modes, in one or more tranches.
Earlier due to weak performance in its roads segment and higher expenses, the Adani Enterprises reported a nearly 38% fall in profit.
The company’s debt has been rising at a faster clip and on a standalone basis, its borrowings stood at Rs 5,165 crore at the end March 2024, which is almost twice that of FY23.
Since the damaging Hindenberg report in January 2023, the ports-to-power conglomerate has raised close to $6 billion from investors including Rajiv Jain’s GQG Partners, Qatar Investment Authority and Total Energies, and is back again to the capital market for funds.
