It’s raining bonuses for shareholders. After Reliance Industries Ltd, the board of diversified conglomerate Adani Enterprises Ltd (AEL) has approved issue of 1:1 bonus, subject to share-holders’ approval. AEL is also planning a rights issue of up to Rs 1,500 crore to meet fund requirements for future expansion, mainly in mining.
It is additionally planning to turn Mundra Port and Special Economic Zone (MPSEZ), a group company, into a sub-sidiary of AEL, by trans-ferring the promoters’ shares, close to 81 per cent of the total, to the flagship company, AEL. The move would result in bringing all businesses of the Adani Group under one flagship entity, Adani Enterprises.