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Business News/ Companies / News/  Adani Enterprises approves raising up to 16,600 crore via QIP, other methods
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Adani Enterprises approves raising up to ₹16,600 crore via QIP, other methods

Adani Enterprises said it board of directors has approved raising up to ₹16,600 crore via QIP and other methods.

On Monday, another Adani Group firm, Adani Energy Solutions, had approved raising up to ₹12,500 crore via a QIP or other permissible methods. (Photo: Bloomberg)Premium
On Monday, another Adani Group firm, Adani Energy Solutions, had approved raising up to 12,500 crore via a QIP or other permissible methods. (Photo: Bloomberg)

Adani Enterprises has approved raising up to 16,600 crore through qualified institutional placement (QIP) and other methods.

The Board of Directors of Adani Enterprises, at its meeting held on May 28 has approved raising of funds by way of issuance of equity shares and other eligible securities or any combination thereof, for an aggregate amount of 16,600 crore by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches, Adani Enterprises said in a regulatory filing.

However, the fundraising will be subject to the receipt of the necessary approvals including approval of the members at the ensuing Annual General Meeting of the Company scheduled to be held on Monday, 24th June, 2024 and other regulatory and statutory approvals, the billionaire Gautam Adani-led company added.

Also Read: NCLAT upholds Adani Goodhomes’ resolution plan for Radius Estates

On Monday, another Adani Group firm, Adani Energy Solutions, had approved raising up to 12,500 crore via a QIP or other permissible methods.

On Monday, another Adani Group firm, Adani Energy Solutions, had approved raising up to 12,500 crore via a QIP or other permissible methods.

In 2023, the flagship Adani Group company Adani Enterprises came with a follow-on public offer (FPO) to raise 20,000 crore. The Adani Enterprises FPO, which was the country’s largest, had received full subscription.

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However, the company had later called off the FPO after the release of the Hindenberg Research report which led to a sharp plunge in Adani Group stocks.

Adani Enterprises share price has gained over 15% year-to-date (YTD), while the stock has risen nearly 30% in the past one year.

At 11:45 am, Adani Enterprises shares were trading 0.32% higher at 3,298.55 apiece on the BSE.

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Published: 28 May 2024, 11:39 AM IST
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