Adani Enterprises eyes shareholders nod to raise Rs2,500cr fund; NCD issue approved

In Q4FY20, the company's consolidated net profit more than halved to Rs96.93cr in Q4, down by 63.57% from Rs266.09cr a year ago same period.

May 07, 2020 12:05 IST India Infoline News Service

Adani Port
After announcing its March 2020 (Q4FY20) financial performance, the Gautam Adani-led Adani Enterprises now seeks shareholders approval for raising funds in the AGM meeting ahead.

In its audit report, Adani announced that the board has approved for issuance of Non Convertible Debentures for an amount not exceeding Rs1,000cr in one or more tranches on private placement basis.

However, the board has also recommended raising funds by issue of Equity Shares / Convertible Bonds through Qualified Institutional Placement [QIP] / GDR / ADR / FCCBs / FCEBs / Convertible Securities / Other Equity Instruments.

From these instruments, Adani plans to raise about Rs2,500cr.

Adani says the board is now seeking approval of the shareholders at the ensuing Annual General Meeting (AGM).

In Q4FY20, the company's consolidated net profit more than halved to Rs96.93cr in Q4, down by 63.57% from Rs266.09cr a year ago same period.

Consolidated total income was at Rs13,698cr in Q4, rising by 2% from Rs13,473cr in the corresponding period of the previous year.

On Thursday, the Adani Enterprises share price was trading at Rs134.45 per piece up by nearly 1% on Sensex at around 12.35 pm.

The share has touched an intraday high and low of Rs135.40 and Rs130.20 per piece respectively.

In the previous closing, the share ended at Rs133.30 per piece on Sensex.

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