Adani Enterprises To Raise 25K CrAdani Enterprises Ltd (AEL), the flagship firm of the Adani group, plans to raise up to 25,000 crore through a partly paid-up rights issue -- one of the largest equity fundraising plans in India this year -- to bolster its balance sheet and catalyse the group's next growth phase across airports, data centres, green energy and roads.
The move marks a renewed push by the Adani group to tap the capital markets following a lull after the Hindenburg Research report in early 2023 had triggered a selloff in group firms' stocks and a temporary suspension of its earlier plan to raise 20,000 crore through a follow-on public offer of shares that year.
The share prices of group firms have recovered since then after the promoters sold a part of their stake to a clutch of overseas investors.
In a statement to the stock exchanges, the company said the rights issue is aimed at 'strengthening its balance sheet further to support the next phase of incubation' as its core infrastructure businesses scale and contribute a growing share to earnings. The company will announce the rights issue entitlement and the date of the issue in due course.
The company's shares closed 2 percent down at 2,418 a share on Tuesday.
Reliance Industries Ltd had raised 53,123 crore in April 2020, the largest ever fund raise by an Indian firm via a rights issue -- followed by the rights issues by Vodafone Idea and Bharti Airtel of 25,000 crore each, announced in early 2019.
AEL said its emerging infrastructure portfolio -- spanning airports, digital infrastructure, roads and the green hydrogen ecosystem -- now contributes 71 per cent to total Ebitda, with half-year Ebitda from these businesses rising 5 per cent year-on-year to 5,470 crore. The group plans to invest $100 billion in various infrastructure projects in India over the next five years.
The company emphasised its execution capabilities during the quarter, citing the inauguration of the Navi Mumbai International Airport and completion of its seventh road project.
-- Dev Chatterjee, Business Standard
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