Adani Enterprises board gives nod to raise up to $2 billion

The board of Adani Enterprises Ltd on Tuesday, 28 May, gave its nod to raise up to ₹16,600 crore (about $2 billion), the company said in an exchange filing.

The approval came during a meeting in which the board members inter-alia okayed the raising of funds “by way of issuance of such number of equity shares having face value of ₹1 each of the company and/or other eligible securities or any combination thereof.”

The board approved raising the funds by way of a qualified institutional placement (QIP) or other permissible mode in one or more tranches and in accordance with the applicable laws.”

The annual general meeting of the company is scheduled on Monday, 24 June, during which the company is expected to seek shareholder approval.

The board nod to the fundraising at Adani Enterprises came a day after the board of Adani Energy Solutions Ltd approved a fundraise of up to ₹12,500 crore (about $1.5 billion) through QIP or other modes, in one or more tranches.

The Gautam Adani-led Adani group is planning to enter e-commerce and payments businesses as it looks to venture into consumer-facing verticals to take on Google and Reliance Industries, the Financial Times reported on Tuesday, citing four unidentified people familiar with the matter.

Earlier this month, Mint reported that the group was planning a $3 billion investment to boost its international port operations, focusing on three key ports along the India-Europe corridor.