Adani Enterprises To Raise Rs 20,000 Crore In Biggest FPO

The board of Adani Enterprises Ltd. has approved a proposal to raise Rs 20,000 crore through a fresh issue of equity shares.

The company will raise funds through a further public offering of fresh equity shares, the flagship of the Adani Group said in an exchange filing.

On Nov. 22, the ports-to-gas conglomerate had said it will consider raising funds on Nov. 25. The company will seek shareholder approval through postal ballot.

The Adani Enterprises public offering of Rs 20,000 crore will be the country’s biggest FPO yet.

So far, Yes Bank Ltd. holds the record for the largest-ever FPO. In July 2020, the lender had mopped up Rs 15,000 crore via FPO to meet its capital requirements.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.