Adani Ports gains on Nifty inclusion, fundraising plans

NEW DELHI: Shares of Adani Ports, Adani Enterprises and Adani Power gained up to 4 per cent in trade on Thursday on fundraising plans. Together, the three Adani group companies hope to raise Rs 26,000 crore to expand business operations and manage capital expenditure.

Adani Ports and Special Economic Zone (APSEZ) surged 4.55 per cent. The company will replace state-run iron ore miner National Mineral Development Corporation (NMDC) on the National Stock Exchange's benchmark index Nifty from September 28. The stock ended the day 4 per cent higher.

Adani Enterprises gained 3.39 per cent but pared all gains to close the day 2.44 per cent lower. Adani Power added 3.08 per cent in trade but ended the session flat, down 0.08 per cent.

APSEZ and Adani Power said their shareholders' approved proposals to raise funds up to Rs 10,000 crore each. Adani Enterprise plans to raise Rs 6,000 crore and has got shareholders' nod for the same, the company said in a filing to BSE.

Adani Power's shareholders have approved raising up to Rs 10,000 crore through issuance of shares, bonds or other securities, including for investments in various businesses, the company informed BSE.

APSEZ told BSE that shareholders' approval allows the country's largest port developer to raise up to Rs 10,000 crore through securities.

Adani Enterprises, the flagship firm of the Adani Group, also got a go-ahead for raising up to Rs 6,000 crore through issuance of securities to sustain rapid business growth.

Shareholders of all the three firms also approved the proposal to raise funds through "offer or invitation to subscribe to non-convertible debentures on private placement basis."