Adani Enterprises on Tuesday said its board has approved raising up to Rs 16,600 crore. Adani Enterprises stock was trading flat at Rs 3328.80 against the previous close of Rs 3288.10 on BSE. Market cap of the firm stood at Rs 3.73 lakh crore.
The raising of funds will be subject to the necessary approvals including approval of the members at the ensuing Annual General Meeting of the company scheduled to be held on Monday, June 24, 2024.
Total 0.40 lakh shares changed hands amounting to a turnover of Rs 13.31 crore on BSE.
Adani Enterprises stock has a one-year beta of 1.3, indicating very high volatility during the period.
In terms of technicals, the relative strength index (RSI) of Adani Enterprises stands at 63.1, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
The Adani Group stock has gained 12.66 per cent this year and 29.21% in a year.
“By way of issuance of such number of equity shares having face value of Rs 1 each of the Company and / or other eligible securities or any combination thereof (hereinafter referred to as “Securities”), for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (“QIP”) or other permissible mode in one or more tranches and in accordance with the applicable laws, subject to the receipt of the necessary approvals including approval of the members at the ensuing Annual General Meeting of the Company scheduled to be held on Monday, 24th June, 2024 and other regulatory / statutory approvals, as may be required” said Adani Enterprises in a communication to the bourses.