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Adani Enterprises' board to consider raising funds on Nov 25

Adani Enterprises' board to consider raising funds on Nov 25

Bloomberg reported that the company is 'considering issuing at least $1.8 billion in new shares' while citing people familiar with the matter

Shares in Adani Enterprises have risen about 136% in the year to date, giving it a market value of around $56.3 billion, according to Bloomberg calculations Shares in Adani Enterprises have risen about 136% in the year to date, giving it a market value of around $56.3 billion, according to Bloomberg calculations

Adani Enterprises' board will consider raising capital November 25 via public offering, preferential allotment (including QIP) or combination of methods, said the flagship firm of Gautam Adani's conglomerate on Tuesday.

"A meeting of the board of directors of Adani Enterprises Limited will be held on Friday, 25th November 2022 at Ahmedabad to consider and approve the proposal of raising of funds by way of further public offering, preferential allotment (including a qualified institutions placement or through any other permissible mode) and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities," the company said in a stock exchange filing. 

Bloomberg reported that the company is "considering issuing at least $1.8 billion in new shares" while citing  people familiar with the matter.

Earlier this month, Adani Enterprises said its consolidated profit for September quarter jumped 117 per cent year-on-year (YoY) to Rs 461 crore from Rs 202 crore in the corresponding quarter last year.

Consolidated total income for the quarter surged 183 per cent YoY to Rs 38,441 crore compared with Rs 13,597 crore in the same quarter last year. The top line growth was led by a strong show at IRM and Airport business, the company said.

Shares in Adani Enterprises have risen about 136% 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.