Adani Enterprises to raise Rs 20,000 crore through FPO

Adani Enterprises said on Friday that the company’s board of directors has approved raising such amount 20,000 crore through a further public offering.

“We wish to inform that the Board of Directors of the Company (“Board”) at its meeting held today i.e. November 25, 2022 has approved raising funds by way of a further public offer by way of a fresh issue of Equity Shares Overall by Company 20,000 crore,” the company said in its filing.

The board of directors of the company approved the fund raising in its meeting held on Friday.

Net profit of Adani Enterprises increased 461 crore in the second quarter of the financial year 2022-23 (Q2 FY23). Net profit climbed 217 per cent year-on-year (YoY), as it stood 212 crore in the corresponding quarter of the previous year.

stood on revenue from operations 38,175 crore, in Q2 FY23, which is almost triple as compared to 13,218 crore in the year-ago period.

Company’s EBITDA came 1,869 crore in the September quarter as against Rs. 883 crore was recorded in the second quarter of the last financial year.

Shares of Adani Enterprises have gained nearly 136% so far this year. Soon after the announcement, Adani Enterprises shares were trading 3,886, down about one per cent compared to the previous closing.

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