Adani Enterprises Limited, the flagship company of the Adani Group, has approved a Qualified Institutional Placement (QIP) issue worth Rs 4,200 crore ($500 million) to large investors.
In a notice to the stock exchange, the company announced that its board of directors has fixed a base price of Rs 3,117.4750 per equity share for the QIP issue. The company may offer a discount of up to 5% on the floor price, bringing the indicative issue price to Rs 2,962 per share, a 6.08% discount to Wednesday’s closing price.
Also Read: Chandrashekhar Azad University Develops Climate-Resistant Barley Variety
The funds raised through the QIP will be utilized for capital expenditure, debt repayment, and settling liabilities of the company and its subsidiaries.
The QIP issue allows listed companies to raise funds from the market without additional paperwork. This move is expected to bolster Adani Enterprises’ financial position and support its growth initiatives.
Ratan Tata, the visionary businessman and philanthropist, passed away at the age of 86 in…
Chandrashekhar Azad University made significant strides in agricultural innovation by developing new variety of barley…
India's largest commercial port, Mundra Port, has received a special postage stamp to mark its…
On Wednesday, Demis Hassabis, John M Jumper from Google DeepMind, and Professor David Baker won…
PWD officials said they need access to inspect the house due to ongoing vigilance cases…
The Indian stock market faced a downturn on Wednesday, with frontline equity indices slipping into…