Adani Transmission said its board approved a plan to raise up to Rs 8,500 cr from the stock market while Adani Enterprises said it will raise up to Rs 21,000 cr
Two Adani Group companies, Adani Transmission Ltd and Adani Enterprises Ltd, announced plans on Saturday to raise up to Rs 21,000 crore from the market. These announcements came months after a short-seller report battered investor confidence and drove the conglom share prices down.
Adani Transmission said its board approved a plan to raise up to Rs 8,500 crore from the stock market. Adani Enterprises said in a filing to exchanges that its board had approved plans to raise up to Rs 12,500 crore.
Adani Transmission and Adani Enterprises, flagship arm of Gautam Adani-led Adani Group, said in separate statements they planned to raise the funds via selling equity shares through qualified institutional placements or other permissible mode.
A QIP is a capital-raising method, which can be adopted by a publicly-traded firm, wherein it can issue equity shares, fully and partially convertible debentures, or any other security convertible into equity shares other than warrants. A QIP, unlike an IPO, is limited to institutions or qualified institutional buyers.