Don’t miss the latest developments in business and finance.

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
Photo: Bloomberg
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.

Also Read

 

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

More From This Section

Topics :Adani EnterprisesBoard meetingfund raising

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

Next Story