Adani Enterprises Ltd, the flagship firm of billionaire Gautam Adani's conglomerate, on Tuesday said its board has approved raising up to Rs 16,600 crore (about $2 billion) through share sale.
The announcement came a day after the group's power utility Adani Energy Solutions Ltd got a similar approval for raising up to Rs 12,500 crore via qualified institutional placement (QIP) or through any other permissible modes.
The fundraising may happen in one or more tranches, Adani Enterprises said in a stock exchange filing. Both the companies will need other approvals including from shareholders.
While Adani Enterprises Ltd has called a shareholder meeting on June 24 for approving the fund raise, Adani Energy Solutions Ltd's annual general meeting (AGM) is scheduled the next day.
Both the firms secured similar approvals in 2023 but those approvals were set to expire in June, triggering the need for a fresh nod.
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