Shares of Adani group companies such as Adani Enterprises Ltd and Adani Transmission Ltd would in focus on Monday, as the two companies announced plans to raise up to Rs 21,000 crore funds from the market. Adani Transmission, along with Adani Green Energy and Adani Total Gas will also move out of the ASM framework today. Besides, the Supreme Court may consider granting three more months to Sebi for concluding its probe into the Hindenburg Research allegations.
Adani Enterprises, Adani Transmission | Fund raising
The board of Adani Enterprises approved a plan to raise up to Rs 12,500 crore via qualified institutional placement (QIP) while Adani Transmission approved a plan to raise up to Rs 8,500 crore. 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.
Adani Green Energy | Board meet postponed to May 24
Adani Green Energy, whose board meet was scheduled for Saturday to consider similar fund raising plans, postponed such meet to May 24 due to certain exigencies. This Adani group company had on May 10 said it was looking to raise funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a QIP , preferential issue, or any other method or combination of methods as may be permitted under applicable laws, subject to such regulatory approvals.
Adani Total Gas, others | Out of ASM framework
On the other hand, three Adani group stocks Adani Total Gas, Adani Transmission and Adani Green Energy would move out of the Additional Surveillance Measure (ASM) framework from today, exchanges said in separate circulars. On March 24, both the bourses had moved Adani Total Gas and Adani Transmission from second to the first stage of the long-term ASM framework. Last month, the exchanges had also moved Adani Green Energy to first stage of long-term ASM framework.
Adani vs Hindenburg Research | SC hearing on extension
Besides, the Supreme Court today may consider granting three more months to Sebi for concluding its probe into the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, and listed a batch of PILs and plea by the market regulator on May 15.
A bench, meanwhile, has received the report of the apex court-appointed Justice (retd) AM Sapre committee on the issue and would hear the matter today after perusing the findings of the panel, PTI reported.
Also Watch: Tata Motors shares at fresh 52-week high, may rally more; brokerages raise target price, check key triggers