Adani Enterprises board meet on fund raising today

Shares of Adani Enterprises will be in focus on Friday ahead of the company's board meet on fund raising later in the day. The company is looking to raise of funds by way of further public offering (FPO), preferential allotment or a combination of both.  There were reports that the Adani Group firm was looking to raise $5 billion from wealth funds.

BSE had on Thursday sought clarification from Adani Enterprises regarding the same. The reply is awaited.

A Reuters report citing Bloomberg suggested that Gautam Adani was considering raising roughly $5 billion and has approached sovereign wealth funds after lenders asked his conglomerate to reduce leverage.

The network of companies owned by Asia's richest person has reached out to top officials at firms including Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Investment Authority about investments, Reuters quoted Bloomberg as saying. The group is looking to other large investment funds in the Middle East as well as in Canada to invest, the Bloomberg report said, adding that there has also been talks to raise as much as $10 billion.

Another  media report this week suggested the company has initiated a FPO to raise as much as Rs 20,000 crore from retail and institutional investors.

Fitch Group's debt research unit CreditSights in September had raised concerns over Adani Group;s debt. Gautam Adani's group recently said it would invest over $150 billion across businesses ranging from data centres to green energy and to airports and healthcare, in its pursuit of joining the elite global club of companies with $1 trillion valuations.

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