Mumbai: Adani Enterprises today said it will raise up to Rs3,000 crore through institutional placement to fund its long-term requirements in energy and real estate business.
In the energy sector, the firm has interest in power, mining, and oil and gas segments. The funds will also be used for real estate business, the company said in a filing to the Bombay Stock Exchange.
The board of directors of the company in its meeting on 4 January approved the raising of equity linked instruments of up to Rs3,000 crore through qualified institutional placement.
Adani Enterprises intends to complete the process during the first quarter of this year in consultation with its issue managers, it added.
Shares of the company were trading at Rs1,2126.15, down 2.92%, on the BSE in afternoon trade.