Adani Enterprises slumped 7.34% to Rs 79.55 at 15:25 IST on BSE on equity dilution concerns after the company's board of directors sought shareholders' approval to raise funds by issue of equity shares/convertible bonds for up to Rs 6000 crore.
The announcement was made during market hours today, 4 May 2016.Meanwhile, the BSE Sensex was down 157.85 points, or 0.63%, to 25,071.85.
Higher than normal volumes were witnessed on the counter. On BSE, so far 11.62 lakh shares were traded in the counter, compared with an average volume of 6.7 lakh shares in the past one quarter. The stock hit a high of Rs 86.20 and a low of Rs 78.75 in intraday trade.
Adani Enterprises said that the board of directors of the company at its meeting held today, 4 May 2016, has accorded approval for seeking approval of the shareholders to raise funds by issue of equity shares/convertible bonds through qualified institutional placement (QIP)/GDR/ADR/FCCBs/FCEBs/convertible securities for an aggregate amount upto Rs 6000 crore.
The board of directors also accorded approval to issue secured/unsecured redeemable non-convertible debentures on private placement basis within the overall borrowing limits of the company. The instruments will be issued in the period of next twelve months through private placement mode.
Adani Enterprises' consolidated net profit slumped 77.37% to Rs 166.80 crore on 32.36% decline in total income to Rs 11165.06 crore in Q4 MArch 2016 over Q4 March 2015. The result was announced during market hours today, 4 May 2016.
The Gujarat High Court vide its order dated 7 May 2015 has sanctioned the composite scheme of arrangement between Adani Enterprises (AEL), Adani Ports and Special Economic Zone (APSEZL), Adani Power (APL), Adani Transmission (ATL) and Adani Mining (AMPL) and their respective shareholders and creditors. The scheme with effect from appointed date of 1 April 2015 which provided for demerger of port undertaking, power undertaking and transmission undertaking comprising the undertaking, businesses, activities, operations, assets (movable and immovable) and liabilities of AEL and transfer of the same to APSEZL, APL and ATL respectively. It also entailed merger of AMPL into AEL; In view of scheme, the results of the current period/year reported are not comparable.
Adani Enterprises is a diversified company. The company is engaged in the business of coal trading, coal mining, renewable energy among others.
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