Adani Enterprises Approves Rs 12,500-Crore Fundraise Via QIP

Adani Enterprises Ltd. plans to raise Rs 12,500 crore via a qualified institutional placement.

The board will seek approval of the shareholders for the aforesaid issuance and ancillary actions by way of postal ballot process, the company said in an exchange filing on Saturday.

The flagship company of the Adani Group had said earlier this week it would consider and approve the proposal to raise capital by issuing equity shares or any other eligible securities through any mode including private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as permitted.

In February, Adani Enterprises had decided not to proceed with the company's Rs 20,000-crore follow-on public offer to "protect the interest of its subscribers". The decision came after the company's stock price plunge, which was triggered after Hindenburg Research released a report, alleging stock manipulation and fraud by Adani Group. The conglomerate had dismissed the claims and termed the allegations "malicious" , saying it aimed at damaging Adani Enterprises' FPO, which was later withdrawn.

The company's FPO was fully subscribed, even as the stock remained volatile after the report was released in public domain.

Adani Group's power transmission arm Adani Transmission Ltd. on Saturday also approved to raise Rs 8,500 crore via QIP.

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