Adani Enterprises Ltd to raise Rs 16,600 crore to expand biz

by IANS |

Mumbai, May 28 (IANS) Adani Enterprises Ltd (AEL) on Tuesday announced to raise Rs 16,600 crore via qualified institutional placement (QIP) or other permissible mode in one or more tranches and in accordance with the applicable laws, as it aims to aggressively expand its businesses.

The board of directors at the flagship company of the Adani Group approved the raising of funds by way of issuance of such a number of equity shares having a face value of Rs 1 each of the company.

"The board has inter-alia approved raising of funds… for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches," the company said in a regulatory filing.

On Monday, Adani Energy Solutions said its board approved a fundraise of up to Rs 12,500 crore through QIP or other modes, in one or more tranches.

The Adani Group has raised nearly $6 billion from top investors since the beginning of last year.

AEL registered a 32 per cent increase in consolidated EBITDA at Rs 13,237 crore in FY24, while profit before tax (PBT) surged 56 per cent to Rs 5,640 crore.

The emerging core infra businesses of Adani New Industries Ltd (ANIL) ecosystem, airports and roads made significant strides in their operational performance, the company said earlier this month.

According to the company, the contribution of these businesses to the overall EBITDA increased to 45 per cent for FY24, compared to 40 per cent in FY23.

For the fourth quarter (Q4) of FY24, AEL reported EBITDA at Rs 3,646 crore, as compared to Rs 3,974 crore in Q4 FY23.

Latest News
PM Modi to release Rs 20,000 crore to farmers during Varanasi visit on June 18 Sat, Jun 15, 2024, 03:53 PM
Millwall goalkeeper Matija Sarkic dies aged 26 Sat, Jun 15, 2024, 03:51 PM
Researchers link hot weather with increased headaches for people with migraines Sat, Jun 15, 2024, 03:32 PM
Kangana shares video of PM Modi with Giorgia Meloni; hails his support for women Sat, Jun 15, 2024, 03:29 PM
Water conservation campaign will become a movement in state: MP CM Sat, Jun 15, 2024, 03:28 PM
Congress govt got tight slap from Karnataka court on Yediyurappa matter: Union Min Pralhad Joshi Sat, Jun 15, 2024, 03:26 PM
Wayanad or Raebareli? Rahul Gandhi likely to decide on Monday Sat, Jun 15, 2024, 03:23 PM
Indian stock markets breaking global benchmarks in equity market cap Sat, Jun 15, 2024, 02:56 PM
PM Modi hails India-Italy friendship after Meloni shares 'Melodi' selfie video Sat, Jun 15, 2024, 02:53 PM
Kuwait fire: 14 Keralites under treatment out of danger Sat, Jun 15, 2024, 02:28 PM
Scholz calls Swiss-hosted Ukraine talks an early step to forge peace Sat, Jun 15, 2024, 02:27 PM
US aid pier off Gaza to be temporarily removed due to bad weather Sat, Jun 15, 2024, 02:13 PM
Philippines says 21 of 22 Filipino crew on attacked ship in Red Sea rescued, safe Sat, Jun 15, 2024, 02:11 PM
Swati Maliwal case: Judicial custody of CM Kejriwal's aide Bibhav Kumar extended Sat, Jun 15, 2024, 02:04 PM
Will work towards fulfilling PM Modi's semiconductor initiatives: Minister Kumaraswamy Sat, Jun 15, 2024, 01:49 PM