Adani Enterprises To Consider Raising Funds Via Equity Next Week

Adani Enterprises Ltd.'s board will consider a fundraising plan via equity, besides approving the second quarter earnings at a meeting on Nov. 4.

"The Board shall also consider, inter alia, the proposal of fund raising by way of issuance of equity shares or any other permissible securities of the Company through a rights issue and/or any other permissible mode," a stock exchange filing said late Thursday.

Earlier this month, the company approved raising funds by issuing Non-Convertible Debentures (NCDs) for an amount not exceeding Rs 3,000 crore.

The Adani Group anticipates an annual capital expenditure of $15-20 billion for the next five years. . The equity and internal cash generation consistently supports the asset-backed growth in business assets and enables businesses to effectively manage and utilise debt at optimum level, as per an annual report.

Shares of Adani Enterprises ended 0.3% lower at Rs 2,527.5 apiece on the BSE on Thursday, ahead of the announcement. The benchmark Sensex fell 0.7%. The stock has fallen 14% in the last 12 months.