Adani Enterprises To Consider Fundraising On May 28

Adani Enterprises Ltd., the flagship company of billionaire Gautam Adani, will consider raising funds on Tuesday.

The company informed the national bourses that the meeting of the board of directors is scheduled on May 28 to consider and approve the proposal of raising funds.

The trading window is closed from May 23, and will remain so till 48 hours after the end of the meeting to be held on May 28, under the code of conduct for the prohibition of insider trading.

The shares of the ports-to-power conglomerate's flagship have seen a surge of 34% in the last 12 months and risen 19% on a year-to-date basis.

The company's shares, on May 24, recovered all losses that were triggered by the short-seller Hindenburg Research's allegations. The scrip has now almost tripled since its lowest level in late February last year after the claims were made.

The comeback by the Adani Group company came after the Supreme Court gave a clean chit to the Adani Group and dismissed all allegations made by the short-seller.

For the financial year ending March 2024, Adani Enterprises' profit rose 38%. The bottom line of the company stood at Rs 3,335.3 crore during the previous fiscal, as compared with Rs 2,421.6 crore registered in the preceding fiscal.

Revenue reported was at Rs 96,420.98 crore during the April 2023-March 2024 period.

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