NEW DELHI: Adani Group flagship Adani Enterprises is planning to launch a new public offering or preferential allotment issue, including a QIP, as it looks to raise new funds to fuel its ambitious growth plans.
The company on Tuesday in a regulatory filing said a board meeting would be held on November 25, in Ahmedabad, to consider and approve the proposal for raising funds. According to reports, the potential share issue could be worth at least $1.8 billion and could hit the market in 2023.
“Notice is hereby given that a meeting of the board of directors of Adani Enterprises Limited will be held on Friday, 25th November 2022 at Ahmedabad, inter alia, to consider and approve the proposal of raising funds by way of the further public offering, preferential allotment (including a qualified institutions placement or through any other permissible mode) and/or a combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory/statutory approvals as may be required including the approval of shareholders of the Company,” the filing noted.
At present, Adani has seven listed companies under its belt and when including its recent acquisition - ACC and Ambuja Cement- the number stretches to 9. There were speculations that the conglomerate is planning to list its airport business as in a short span of time it has become one of the country’s largest airport operators.
Amidst growing unease over Adani Group’s burgeoning debt – the Gautam Adani-led Group has seen its debt levels increase over the past five years from Rs 1 lakh to Rs 2.2 lakh crore as of March 2022 -- the company has been planning to raise funds through the equity route instead of debt. It has been reported that the group is planning to raise up to $10 billion to fund its expansion in the future.