Adani Enterprises approves raising up to ₹16,600 crore via QIP, other methods

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₹16,600 crore through qualified institutional placement (QIP) and other methods.The Board of Directors of Adani Enterprises, at its meeting held on May 28 has approved raising of funds by way of issuance of equity shares and other eligible securities or any combination thereof, for an aggregate amount of ₹16,600 crore by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches, Adani Enterprises said in a regulatory filing.However, the fundraising will be subject to the receipt of the necessary approvals including approval of the members at the ensuing Annual General Meeting of the Company scheduled to be held on Monday, 24th June, 2024 and other regulatory and statutory approvals, the billionaire Gautam Adani-led company added.Also Read: NCLAT upholds Adani Goodhomes’ resolution plan for Radius EstatesOn Monday, another Adani Group firm, Adani Energy Solutions, had approved raising up to ₹12,500 crore via a QIP or other permissible methods.On Monday, another Adani Group firm, Adani Energy Solutions, had approved raising up to ₹12,500 crore via a QIP or other permissible methods.In 2023, the flagship Adani Group company Adani Enterprises came with a follow-on public offer (FPO) to raise ₹20,000 crore.

The Adani Enterprises FPO, which was the country’s largest, had received full subscription.Also Read: Sony Pictures Networks India hires Disney Star’s Gaurav Banerjee as CEO, replacing NP SinghHowever, the company had later called off the FPO after the release of the Hindenberg Research report which led to a sharp plunge in Adani Group stocks.Adani Enterprises share price has gained over 15% year-to-date (YTD), while the stock has risen nearly 30% in the past one year.At 11:45 am,