To fuel billionaire Gautam Adani’s ambitious expansion plan, Adani Enterprises on Friday approved a Rs 20,000 crore further public offering (FPO) of equity shares of the company.
At a board meeting of the company to consider fundraising exercise today at Ahmedabad, it was decided to raise funds via FPO through a fresh issue of equity shares by the company aggregating up to Rs 20,000 crore.
Adani’s flagship company will seek approval of shareholders for the FPO by way of postal ballot process.
The FPO exercise comes after a meteoric rise of 1,826% in the stock price of in the last 3 years. The promoter holding in the company stood at 72.63% at the end of the September quarter.
Among public investors, FIIs own 15.59% of the company, while the public and mutual fund shareholding is only 6.46% and 1.27%, data showed.
The capital raise will boost the conglomerate’s aggressive growth across business verticals, both organically and via acquisitions.
More to come…