Adani Enterprises Ltd to raise Rs 16,600 crore to expand biz

Mumbai, May 28 (SocialNews.XYZ) Adani Enterprises Ltd (AEL) on Tuesday announced to raise Rs 16,600 crore via qualified institutional placement (QIP) or other permissible mode in one or more tranches and in accordance with the applicable laws, as it aims to aggressively expand its businesses.

The board of directors at the flagship company of the Adani Group approved the raising of funds by way of issuance of such a number of equity shares having a face value of Rs 1 each of the company.

"The board has inter-alia approved raising of funds… for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches," the company said in a regulatory filing.

On Monday, Adani Energy Solutions said its board approved a fundraise of up to Rs 12,500 crore through QIP or other modes, in one or more tranches.

The Adani Group has raised nearly $6 billion from top investors since the beginning of last year.

AEL registered a 32 per cent increase in consolidated EBITDA at Rs 13,237 crore in FY24, while profit before tax (PBT) surged 56 per cent to Rs 5,640 crore.

The emerging core infra businesses of Adani New Industries Ltd (ANIL) ecosystem, airports and roads made significant strides in their operational performance, the company said earlier this month.

According to the company, the contribution of these businesses to the overall EBITDA increased to 45 per cent for FY24, compared to 40 per cent in FY23.

For the fourth quarter (Q4) of FY24, AEL reported EBITDA at Rs 3,646 crore, as compared to Rs 3,974 crore in Q4 FY23.

Source: IANS