Adani Enterprises Ltd. will raise Rs 16,600 crore via qualified institutional placement and other modes. The company's board approved raising of funds by way of issuance of such number of equity shares or other eligible securities worth the amount, an exchange filing said on Tuesday.
Shares of the Adani group's flagship company have seen a surge of 30% in the last 12 months and have risen 15.8% year-to-date.
On May 24, the stock recovered all loss that was triggered by short-seller Hindenburg Research's allegations in 2023. It has now almost tripled since its lowest level in late February last year after the claims were made.
The comeback by the Adani Group company came after the Supreme Court gave a clean chit to the ports-to-power conglomerate and dismissed all allegations made by the short-seller.
The company's profit rose 38% in the financial year ending March 2024. The bottom line of the company stood at Rs 3,335.3 crore during fiscal 2024, as compared with Rs 2,421.6 crore registered in the preceding fiscal.
Revenue reported was at Rs 96,420.98 crore during the period.
Adani Energy Solutions Ltd. also approved a fund raise of Rs 12,500 crore through QIP or other permissible modes on May 27.
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