Adani Enterprises to hold board meeting to approve proposal to raise funds

Adani Enterprises Ltd said on Wednesday that the company's board will hold a meeting on May 13 to approve a proposal to raise funds

Adani, Adani Group
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Reuters
1 min read Last Updated : May 10 2023 | 11:27 PM IST

India's Adani Enterprises Ltd said on Wednesday that the company's board will hold a meeting on May 13 to approve a proposal to raise funds.

The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a qualified institutions placement, or a preferential issue, among other methods, the company said in a statement.

In January, U.S.-based Hindenburg Research flagged concerns about high debt and alleged improper use of offshore tax havens and stock manipulation. Adani denied the allegations.

A dive in Adani stocks then prompted the group to shelve a $2.5-billion share sale.

India's market regulator is probing Hindenburg's allegations as well as Adani group's related-party dealings following a Supreme Court directive.

Earlier this month, Adani Enterprises's quarterly profit more than doubled, helped by a strong performance at its key coal trading division.

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Topics :Adani EnterprisesBoard meetingfund raising

First Published: May 10 2023 | 11:27 PM IST

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