Adani Enterprises plans to raise ₹20,000 crore through issue of fresh equity share via further public offering (FPO) to increase the free float and improve debt to equity leverage ratios.

The board of directors of the company met on Friday to clear the fundraising proposal by way of an FPO through a fresh issue of equity shares aggregating up to ₹20,000 crore and seek shareholder approval through postal ballot, said a statement.

Upon completion of requisite formalities and procedures, the details on the offer will be disseminated, it added.

Vast interests

Adani Enterprises has business interest in ANIL Eco-system (Green energy), ACX – Data Centre, ARTL – Roads and AMG Media. Its income in the first half of this fiscal more than doubled to ₹79,508 crore while net profit jumped 92 per cent to ₹930 crore.

The company has yet again validated its standing as the most successful new business incubator as it continues to build on exciting ideas strategically aligned with the diverse strengths of the Adani portfolio of companies, Gautam Adani, Chairman, Adani Group, had said.

The port-to-power group is on a rapid debt-funded expansion into diverse business and recently expressed interest to invest $4 billion in a petrochemical complex in Gujarat. Earlier this month, the group also announced its plans to invest ₹65,000 crore in Rajasthan over the next 5-7 years and create over 40,000 direct and indirect jobs.

In August, the group won 400 MHz of the 26GHz band (mm wave) across six circles for ₹212 crore in the latest spectrum auction. The airwaves were bought in the service areas of Gujarat, Mumbai, Andhra Pradesh, Karnataka, Tamil Nadu and Rajasthan. It now plans to launch a super app for cross-selling products and services within the group to consumers.

Investments aplenty

In a recent CEO conference, Adani had declared that the group will invest over $100 billion of capital in the next decade. “We have earmarked 70 per cent of this investment for the energy transition space. We are already the world’s largest solar player, and we intend to do far more... it is our commitment to invest $70 billion in an integrated green hydrogen-based value chain,” he had said.

Shares of Adani Enterprises, Adani Ports, Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar have been in focus ever since.

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