Adani Enterprises to hold high-level meeting today to deliberate on fundraising; check details
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Adani Group’s chairman Gautam Adani. ANI
Amid reports of Adani Group’s flagship company, Adani Enterprises Limited, thinking over issuing fresh shares by next year, the firm will be holding a high-level meeting on Friday, 25 November, to deliberate over the proposal for raising funds. The officials comprising the company’s board of directors will consider and may also approve the same. In an exchange statement issued last week, it was stated that the board of the firm will meet to explore all the possibilities.
A statement by the company read, “A meeting of the board of directors of Adani Enterprises Limited will be held on Friday, 25th November at Ahmedabad, inter alia, to consider and approve the proposal of raising funds by way of a further public offering, preferential allotment (including a qualified institutions placement or through any other permissible mode) and/or a 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.”
This comes at a time when a report has surfaced suggesting that billionaire Gautam Adani is aiming to raise roughly between $5 billion to $10 billion. Adani is reportedly mulling an issue around $1.8 billion and $2.4 billion fresh shares toward the beginning of 2023. A Bloomberg report also states that the conglomerate has also approached sovereign wealth funds including Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Investment Authority.
It is pertinent to note that Adani Group’s equity fundraising plans are believed to be a part of its already operational ‘systematic capital management programmme’. Been in place since 2019, under the capital management programme, many foreign investors have funded the company.
Now, it is yet to be known if the Indian company will be clearing off its debt with the fundraising or has some other plans with it.
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