Adani Enterprises Board Approves ₹16,600 Crore Fundraising Through QIP

Adani Enterprises Board Approves ₹16,600 Crore Fundraising Through QIP

The shareholders' approval will be sought at the Annual General Meeting (AGM) scheduled for 24th June 2024.

Oliviya KunjumonUpdated: Tuesday, May 28, 2024, 03:48 PM IST
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Adani Enterprises Board Approves ₹16,600 Crore Fundraising Through QIP | Image: Wikipedia (Representative)

The Adani Enterprises Board of Director on Tuesday, May 28, 2024 at its meeting has approved the fundraising initiative, the company announced through an exchange filing.

In the regulatory fillings, the company added, it plans to raise funds amounting to Rs 16,600 crore, through the issuance of equity shares with a face value of Rs 1 each or other eligible securities, or a combination thereof.

Mode of Issuance

The company, in the exchange filing said that the funds will be raised primarily through Qualified Institutional Placements (QIP).

This is in line with the regulations under "Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Section 42 and other applicable provisions of the Companies Act, 2013, the Companies (Prospectus and Allotment of Securities) Rules, 2014 and other applicable laws, or through any other permissible mode and/or combination thereof as may be considered appropriate under applicable law," the flings added.

Approval Requirements

This fundraising initiative is subject to necessary approvals. The shareholders' approval will be sought at the Annual General Meeting (AGM) scheduled for 24th June 2024.

"There are no current plans for a preferential issue, bonus issue, depository receipts (ADR/GDR), or foreign currency convertible bonds (FCCB). Details regarding any issuance of debt or other non-convertible securities will be determined later by the Board or duly constituted committee thereof," said in the regulatory filings.

Adani Energy Solutions

Adani Energy Solutions

Adani Energy Solutions | Representative Image

Prior to this, on May 27,2024, Adani Energy Solutions Board of Directors has approved raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each of the Company and / or other eligible securities or any combination thereof, for an aggregate amount not exceeding Rs 12,500 crore or an equivalent amount thereof by way of QIP or other permissible mode in accordance with the applicable laws, in one or more tranches.

Share performance

The shares of Adani Enterprises on Tuesday at 3:30 pm IST closed at Rs 3,239.00, down by 1.52 per cent and the shares of Adani Energy Solutions ended the day at Rs 1,085.90, down by 1.67 per cent.

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