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On Tuesday, the flagship company of Adani Group, Adani Enterprises said that it is planning to raise up to Rs 6,000 crore through issuance of securities to sustain rapid business growth.
In a BSE filing the company said, “The company proposes to have flexibility to infuse additional capital, to tap capital markets and to raise additional long-term resources, if necessary in order to sustain rapid growth in the business, for business expansion and to improve the financial leveraging strength of the company”.
“The proposed resolution seeks the enabling authorisation of the members to the Board of Directors to raise funds to the extent of Rs 6,000 crore or its equivalent in any one or more currencies… by way of issuance of equity shares… and/or any instruments or securities… and/or convertible preference shares and/or convertible debentures…, the filing further said.”
“Further, in view of expanding business operations of the company, it is necessitated to enhance the borrowing limits by authorising Board of the Directors or Committee thereof to borrow monies up to Rs 12,000 crore in excess of and in addition to the paid-up capital and free reserves of the Company,” it added.
