Adani Enterprises board to meet today to discuss fund raise

Adani Enterprises, led by billionaire Gautam Adani, will discuss potential fundraising options on Tuesday. The company has notified the national stock exchanges about the upcoming board meeting scheduled for May 28. The meeting's agenda includes deliberation and approval of proposals related to raising funds.

On May 23, the company informed the bourse in a filing saying, "A meeting of the board of directors of Adani Enterprises Limited will be held on Tuesday, 28th May 2024 at Ahmedabad, inter alia, to consider and approve the proposal of the raising of funds by way of issuance equity shares or any other eligible securities through permissible modes."

Earlier on Monday, Adani Energy Solutions Ltd said it will raise up to Rs 12,500 crore through qualified institutional placement (QIP) or other permissible mode.


Adani Enterprises' comeback
Shares of Adani Enterprises rebounded on Friday to levels not seen since January 2023, recovering from a sell-off triggered by a report from U.S. short-seller Hindenburg Research.

The report, which accused billionaire Gautam Adani's conglomerate of wrongdoing, was refuted by the group.

However, it led to a significant loss in the combined market value, estimated at up to $150 billion, as investor confidence waned and regulatory scrutiny intensified. Adani Enterprises' stock plummeted approximately 70% to a two-year low within just seven days following the report.

The shares Ambuja Cement, ACC, and NDTV have also staged a smart recovery.

That's partially due to investments from Abu Dhabi-based International Holding and U.S. boutique investment firm GQG Partners, which helped Adani shore up confidence by diluting some of the family's tight shareholding.

Moreover, surges that followed a court-appointed panel saying in May that India's markets watchdog "drew a blank" and Supreme Court saying no further scrutiny was needed in January, also bolstered support for Adani Enterprises' stock.

With inputs from Reuters