Adani Enterprises said that its board has approved a proposal to raise funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 16,600 crore by way of qualified institutional placement.
The aforementioned fund raising proposal would be executed in one or more tranches and in accordance with the applicable laws, subject to the receipt of the necessary approvals.
Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.
The company's consolidated net profit fell 37.63% to Rs 450.58 crore in Q4 FY24 as compared with Rs 722.48 crore posted in Q4 FY23. However, the revenue from operations increased marginally to Rs 29,180.02 crore in Q4 FY24 from Rs 28,943.84 crore recorded in Q4 FY23.
The scrip rose 0.39% to currently trade at Rs 3301 on the BSE.
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