Billionaire Gautam Adani’s firm to consider raising funds

The company in its regulatory filing said that raising of funds would be by the way of public offering or preferential allotment issue, including a QIP.

“A meeting of the board of directors of Adani Enterprises Limited (the “Company”) will be held on Friday, 25th November 2022 at Ahmedabad, inter alia, 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, subject to all such regulatory / statutory approvals as may be required including the approval of shareholders of the Company,” Adani Enterprise filing said.

The conglomerate has laid out a mega investment plan of up to $70 billion in the next 10 years to build and acquire renewable assets.

Adani Enterprises’ net profit rose to ₹461 crore in the second quarter of the fiscal year 2022-23 (Q2 FY23). The net profit has climbed by 217 percent year-on-year (YoY), as it stood at ₹212 crore in the corresponding quarter of last year.

The revenue from operations stood at ₹38,175 crore, in Q2 FY23, which is nearly triple as compared to ₹13,218 crore clocked in the year-ago period.

The company’s EBITDA came in at ₹1,869 crore in the September quarter, as against ₹883 crore recorded in the second quarter of the last fiscal year.

Shares in Adani Enterprises have risen about 136% in the year to date. The company’s scrip ended 0.86 per cent higher to ₹4,035.60 on BSE.