Adani Enterprises to raise up to Rs 16,600 crore

Bengaluru: Adani Enterprises said on Tuesday its board has approved raising of up to Rs 16,600 crore ($2 billion).

The flagship firm of the Adani Group will raise funds via an issue of shares or other securities by way of qualified institutional placements or any other permissible mode, it said in an exchange filing.

The company did not specify the reason for the fundraise or the price at which the securities will be issued.

The fundraise comes a day after Adani Energy Solutions said it would raise up to 125 billion rupees via qualified institutional placement or through any other permissible modes.

Earlier this week, business news website Moneycontrol reported the two companies are set to collectively approve a fundraising plan of between $3.5-$4 billion.

Adani Enterprises earlier reported a nearly 38 per cent fall in profit due to weak performance in its roads segment and higher expenses.

Shares of Adani Enterprises rose by 0.12 per cent on Tuesday and have gained 16 per cent year-to-date.

($1 = 83.1570 Indian rupees)