November 05, 2024 09:15 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
Adani Enterprises to raise Rs 20,000 cr through FPO
Adani Enterprises

Adani Enterprises to raise Rs 20,000 cr through FPO

| @indiablooms | 25 Nov 2022, 11:40 pm

Ahmedabad/IBNS: Adani Enterprises on Friday approved a Rs 20,000 crore further public offering (FPO) of equity shares of the company, media reports said.

The company took the decision at a board meeting in Ahmedabad.

Adani's flagship company will seek approval of shareholders for the FPO by way of a postal ballot process, ET reported.

The FPO exercise comes at the back of a 1,826 percent rise in the stock price of Adani Enterprises in the last three years.

At the end of Q2FY23, the promoter holding in the company stood at 72.63 percent.

Among the public investors, FIIs have a 15.59 percent stake in the company, public and mutual funds have a shareholding of only 6.46 percent and 1.27 percent, according to data.

The conglomerate plans to invest up to $70 billion in the next 10 years to build and acquire renewable assets.

The capital raised through the proposed FPO will boost the conglomerate's aggressive growth across business verticals, both organically and via acquisitions, the report stated.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.