Adani Enterprises mulling raising Rs.6,000 crore through securities

Mumbai, July 28 (IANS) Adani Enterprises Ltd (AEL) on Tuesday said it is considering raising Rs.6,000 crore by issuing equity shares in the capital market in India and abroad to fuel rapid growth and expansion as well as improve its financial leveraging capability.

“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”, it said in a regulatory filing with the Bombay Stock Exchange.

Adani is also looking forward to raise its borrowing limit to Rs.12,000 crore.

The firm will be placing these proposals in its forthcoming annual general meeting scheduled on August 11.

“The proposed resolution seeks the enabling authorization 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, in one or more tranches,” the filing said.

The equity shares to be allotted to raise the money will be issued at the same rate or on an equal footing with the existing equity shares of the company, except as may be provided otherwise under the terms of issue.

“The Special Resolution also seeks to empower the Board of Directors to undertake a Qualified Institutional Placement with Qualified Institutional Buyers”, it said.

Shares of the company were trading at Rs.80.45 – down by 0.80 percent on the BSE.

 

 

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