Adani Enterprises Board To Meet On Saturday, Consider Fundraising

The board of Adani Enterprises Ltd will meet on Saturday to consider and approve a fund-raising proposal, the company said in an exchange filing on Wednesday.

The Adani Enterprises board will consider raising funds by issuing equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement or a preferential issue, the company said in a statement.

Adani Enterprises also it will also consider raising funds by “any other method or combination of methods as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the company.”

The trading window for dealing in Adani Enterprises securities is closed from May 10 till 48 hours after the board meeting ends, or till Monday, the company said in the statement, citing the code of conduct to prevent insider trading.

The Adani Group did not proceed with its Rs 20,000 crore follow-on public offer in February to “protect the interest of its subscribers”, after the shares of group firms nosedived following a report by US short seller Hindenburg Research.

The Adani Group called Hindenburg’s report a “calculated attack” on India, its institutions and growth story, saying the allegations are “nothing but a lie”.

On Tuesday, Adani Ports and Special Economic Zone said it would pay $130 million of its debt early, after nearly $413 million worth of debt has been tendered for early payment.

Adani Ports had floated a tender of up to $130 million of 3.375 per cent 2024 maturity dollar-denominated bonds late last month, as it sought to boost investor confidence.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)