Adani Enterprises Approves Rs 12,500-Crore Fundraise Via QIP
Adani Enterprises Ltd. plans to raise Rs 12,500 crore via a qualified institutional placement.
The board will seek approval of the shareholders for the aforesaid issuance and ancillary actions by way of postal ballot process, the company said in an exchange filing on Saturday.
The flagship company of the Adani Group had said earlier this week it would consider and approve the proposal to raise capital by issuing equity shares or any other eligible securities through any mode including private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as permitted.
In February, Adani Enterprises had decided not to proceed with the company's Rs 20,000-crore follow-on public offer to "protect the interest of its subscribers". The decision came after the company's stock price plunge, which was triggered after Hindenburg Research released a report, alleging stock manipulation and fraud by Adani Group. The conglomerate had dismissed the claims and termed the allegations "malicious" , saying it aimed at damaging Adani Enterprises' FPO, which was later withdrawn.
The company's FPO was fully subscribed, even as the stock remained volatile after the report was released in public domain.
Adani Group's power transmission arm Adani Transmission Ltd. on Saturday also approved to raise Rs 8,500 crore via QIP.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
