Adani Enterprises shares in focus today ahead of board meet on fundraising

Shares of Adani Enterprises Ltd (AEL) will be in focus during the trading session on Tuesday ahead of the meeting of the board of directors of the Gautam Adani-led company to consider fundraising plans later today in Ahmedabad. The company was informed about the board meeting through exchange filing last week.

Adani Enterprises said its board will meet on Tuesday to consider and approve the fundraising proposal. This raise could be by way of issuance of equity shares or any other eligible securities through permissible modes including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods, the filing said.

The proposal, however, shall be subject to the necessary regulatory and statutory approvals, as well as the approval of the company's shareholders. Adani Enterprises has been actively raising funds through various financial instruments.

Adani Enterprises, the flagship company of the Gautam Adani led conglomerate, which fosters new businesses within the Adani group, currently has energy, utility, data centers, infrastructure, consumer businesses, transport, logistics and mining within its portfolio.

Shares of Adani Enterprises Ltd settled at Rs 3,288.10 on Monday, falling 2.85 per cent for the day. The company commanded a total market capitalization of about Rs 3.75 lakh crore. The stock took a beating on Monday after it was rejected from the inclusion in the Sensex pack.

AEL plans to spend Rs 80,000 crore on capital expenditure in the current financial year. Out of this over Rs 50,000 crore will be allocated to Adani New Industries (ANIL) and the airports business while the Ganga Expressway project will get Rs 12,000 crore. Its coal-to-PVC project will get Rs 10,000 crore and data centre segment Rs 5,000 crore, the company said earlier.

In January last year, Adani Enterprises had launched the largest follow-on public offer of India, managing to successfully raise Rs 20,000 crore. However, following allegations from US-based short-seller Hindenburg and the resultant crash in share prices, the company returned the money raised through the FPO to shareholders.

Adani Enterprises reported a consolidated net profit of Rs 451 crore for the quarter ended March 2024, which was down by 38 per cent on a year-on-year (YoY) basis. Adani group firm said its total income for the quarter grew 1 per cent to Rs 29,630 crore. The board has recommended a dividend of Rs 1.30 per equity share for the FY24.