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Adani Enterprises' board approves raising up to Rs 20,000 cr via FPO

Adani Enterprises' board approves raising up to Rs 20,000 cr via FPO

On Friday, the company's scrip on BSE closed trading 0.5% lower at Rs 3,900

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Adani Enterprises on Friday said its board approved raising funds aggregating up to Rs 20,000 crore through a further public offering (FPO). 

"The board approved raising of funds by way of a further public offering through a fresh issue of Equity Shares by the Company aggregating up to Rs 20,000 crore," the flagship Adani Group firm said in a stock exchange filing. 

At 1450 hours on Friday, the company's scrip on BSE was trading 1% lower at Rs 3,878.

Adani Group chairman Gautam Adani is planning to invest more than $4 billion in a petrochemical complex in Gujarat, he said in an interview with the Financial Times on Friday.

Adani, Asia's richest person, plans to launch a "super app" in the next three to six months to connect Adani airport passengers with other Adani Group services, according to the report.

Shares of Adani Enterprises have risen about 130% in the year to date, giving it a market value of around $56.3 billion, according to Bloomberg calculations.

Adani’s group is looking to raise at least $10 billion in new debt over the next year as the conglomerate seeks to refinance its high-cost borrowings and fund projects in the pipeline, Bloomberg reported last month.

Published on: Nov 25, 2022, 2:53 PM IST
Posted by: Jamma Jagannath, Nov 25, 2022, 2:50 PM IST