Adani Enterprises to mull fund raising on 8 April

The board will evaluate the proposal of raising funds through issue of equity shares or any other eligible securities.

The board of Adani Enterprises is scheduled to meet on 8 April 2022, to consider the proposal of raising funds by way of rights issue, preferential allotment, including a qualified institutions placement or through any other permissible mode and/or combination thereof. The fund raising will be through issue of equity shares or any other eligible securities.

In a separate announcement on Tuesday, Adani Enterprises said that its Mauritius-based wholly owned subsidiary, Adani Global, acquired a minority stake in Israel-based Forsight Robotics for $20 million. Forsight Robotics is engaged in medical technology and had NIL turnover as on 31 December 2021.

"The acquisition is in furtherance of the strategic objectives of the Adani Enterprises to undertake investments which provide synergistic benefits to the existing businesses of the Adani Group," the Indian company said.

Adani Enterprises, the flagship company of Adani Group, one of India's largest business conglomerates. It is an integrated infrastructure with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-model logistics, power generation and transmission, gas distribution, and edible oil and agro commodities.

On a consolidated basis, Adani Enterprises reported a net loss of Rs 12 crore in Q3 FY22 as against a net profit of Rs 297 crore in Q3 FY21. Total income increased by 61% year on year during the quarter to Rs 18,963 crore.

Shares of Adani Enterprises rose 3.69% to settle at Rs 2141.85 on Tuesday.

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