Adani Enterprises To Consider Fundraising On May 13
In February, the flagship of Adani Group, decided not to proceed with the company's Rs 20,000-crore follow-on public offer.
The board of Adani Enterprises Ltd. will consider the proposal to raise funds on May 13.
"..to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws," the company said in an exchange filing.
In February, the flagship of Adani Group decided not to proceed with the company's Rs 20,000-crore follow-on public offer to "protect the interest of its subscribers".
This came after the company's stock price fell, following a report by Hindenburg Research. The company's FPO was fully subscribed, even as the stock remained volatile after Hindenburg Research alleged stock manipulation and fraud.
The Gautam Adani owned company saw its net profit more than double year-on-year during the quarter ended March 31, 2023.
Revenue jumped 26.06% from the corresponding quarter in the previous year to Rs 31,346.05 crore in the fourth quarter. Net profit was up 137% at Rs 722.48 crore.
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