Adani Enterprises approves raising up to ₹16,600 crore via QIP, other methods

Adani Enterprises did not share the timeline for a Qualified Institutional Placement or methods using which it intends to raise these funds and by when.

Adani Enterprises Ltd., Adani Group's flagship company, approved raising a total of ₹16,600 crore through an institutional share sale or other permissible methods, it said in an exchange filing. However, the company did not share the timeline for a Qualified Institutional Placement (QIP) or the other methods using which it intends to raise these funds and by when.

The logo of the Adani Group seen on the facade of its Corporate House on the outskirts of Ahmedabad. (Reuters)

The fund raising will be subject to approval from shareholders at the ensuing Annual General Meeting (AGM) of the company. This will take place on June 24. This comes after Adani Energy Solutions approved raising up to ₹12,500 crore through a QIP or other permissible methods.

Shares of Adani Enterprises traded 0.4% higher today (May 28) at ₹3,343.