Adani Enterprises Ltd, the group holding company with business interests ranging from seaports to airports, has revived its capex plan after a four-month pause, with a planned initial investment of $1.5 billion to kickstart its new businesses, two people familiar with the matter said.
The flagship company, which cancelled its fundraising plan in February, is planning to pump fresh investments into solar module manufacturing, green hydrogen, Navi Mumbai Airport and data centres (Adani ConneX).
“A major portion of the proceeds from the qualified institutional placement (QIP) will be used for new businesses, where capex plans were put on hold due to the cancellation of the FPO (follow-on public offering)," one of the two people said, requesting anonymity.
On Saturday, the boards of Adani Enterprises and Adani Transmission cleared plans to raise up to ₹12,500 crore and ₹8,500 crore, respectively, via QIPs.
Adani Enterprises’ FPO, aimed at raising ₹20,000 crore was hit by a scathing report by short-seller Hindenburg Research, which alleged the group had manipulated stocks and committed accounting fraud. The FPO was cancelled in February after significant volatility in Adani stocks.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Quick Edit: The market's green role
The world needs to bend its rising curve of carbon emissions, a goal that's proving elusive. Adding to the challenge, US climate policy is likely to flip back into neglect mode next year.
Growth shouldn't suffer for want of a market fix
Packaged food companies should drive a food-processing revolution and run a campaign for substitution of fresh-veggie demand. It'll crush price volatility and open up space for rate cuts
We should reform import tariffs to boost Make in India!
Tariff reforms to resolve duty inversions can arrest the 'cost competitiveness leak' of Indian manufacturing
Trying to quantify everything may worsen human decisions
'Quantification fixation' is real—and we should learn to resist it
Hope has sprung anew amid the thick haze hovering over COP-29
The climate summit has seen rules being ratified for a carbon market, progress on finance and high corporate participation
Trump's return is set to send the world scouting for fresh options
His confrontational stand on issues will ruffle feathers and make nations review their alignments
Why national pride has not helped clean up Delhi's air
A sense of shame was expected to get it done. That hasn't worked. Do we lack the will and talent?
SEBI CAN DO MORE TO DISSUADE RETAIL F&O SPECULATION
A recent Securities and Exchange Board of India (Sebi) report highlighted the significant losses individual traders have incurred in the equity futures and options (F&O) segment between FY22 and FY24.
Is filing ITR in old regime still valid?
I am with the Indian Army. Until last year, we received Form 16 under the old tax regime, including allowances such as HRA, travel and uniform.
Avoid common mistakes in NRO, NRE accounts: A guide for NRIs
Tips on using NRE and NRO accounts to effectively manage funds, repatriate money and remain tax-compliant
