Adani Group flagship Adani Enterprises today said it plans to raise up to Rs 6,000 crore via issuance of securities to sustain rapid growth.
"The company proposes to have flexibility to infuse additional capital, to tap capital markets and to raise additional long term resources, if necessary in order to sustain rapid growth in the business, for business expansion and to improve the financial leveraging strength of the company," Adani Enterprises said in a filing to BSE.
The company will approach its shareholders with these resolutions next month at its AGM.
"The proposed resolution seeks the enabling authorisation of the members to the Board of Directors to raise funds to the extent of Rs 6,000 crore or its equivalent in any one or more currencies...By way of issuance of equity shares...And/or any instruments or securities including Global Depository Receipts (GDRs) and/or American Depository Receipts (ADRs) and/or convertible preference shares and/or convertible debentures..." the filing said.
The filing further said that "the total amount borrowed and outstanding at any time shall not exceed in the aggregate Rs 12,000 crores...In excess of and in addition to the paid-up capital and free reserves of the company for the time being ....," it said.
