Bangalore:
Adani Enterprises will use the proceeds from the 200 billion rupees ($2.46 billion) public offering (FPO), which begins January 27, for capital expenditures and to pay off some of its units’ debts. unload.
The company will use Rs 108.69 billion from India’s largest FPO to fund green hydrogen projects, airport facilities and greenfield highways, Indian billionaire Gautam Adani-helmed said in its latest prospectus.
It will also use 41.65 billion rupees to repay the loans of three of its units, Adani Airport Holdings Ltd, Adani Road Transport Ltd and Mundra Solar Ltd.
Adani Enterprises’ prospectus did not specify a price range for the subsequent share sale ending January 31.
The proposed fundraising comes as the port-to-energy conglomerate expands aggressively into sectors such as cement and healthcare, amid some concerns about the promoter’s high debt and large shareholding.
The group made $13.8 billion in acquisitions in 2022, according to data from Dealogic, the highest ever in a year and more than double the previous year.
Share Adani Enterprises rose nearly 130% in 2022 and closed 1.2% on Wednesday.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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