Adani Enterprises
Adani Enterprises to raise Rs 20,000 cr through FPO
Ahmedabad/IBNS: Adani Enterprises on Friday approved a Rs 20,000 crore further public offering (FPO) of equity shares of the company, media reports said.
The company took the decision at a board meeting in Ahmedabad.
Adani's flagship company will seek approval of shareholders for the FPO by way of a postal ballot process, ET reported.
The FPO exercise comes at the back of a 1,826 percent rise in the stock price of Adani Enterprises in the last three years.
At the end of Q2FY23, the promoter holding in the company stood at 72.63 percent.
Among the public investors, FIIs have a 15.59 percent stake in the company, public and mutual funds have a shareholding of only 6.46 percent and 1.27 percent, according to data.
The conglomerate plans to invest up to $70 billion in the next 10 years to build and acquire renewable assets.
The capital raised through the proposed FPO will boost the conglomerate's aggressive growth across business verticals, both organically and via acquisitions, the report stated.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
