Adani Group firms get nod to raise up to Rs 26,000 cr

Three Adani Group firms -- Adani Power, Adani Enterprises and APSEZ -- have received approval of shareholders to raise up to Rs 26,000 crore to expand business operations and manage capital expenditure.

While Adani Ports and Special Economic Zone (APSEZ) and Adani Power said their shareholders approved proposals to raise funds up to Rs 10,000 crore, in each case, Adani Enterprise said proposal to raise Rs 6,000 crore has got shareholders' nod.

Adani Power in a filing to the BSE said shareholders approved raising up to Rs 10,000 crore through issuance of shares, bonds or other securities, including for investments in various businesses.

APSEZ informed BSE that shareholders' approval allows the country's largest port developer to raise up to Rs 10,000 crore through securities.

Adani Enterprises, the flagship firm of the Adani Group, also got go ahead for raising up to Rs 6,000 crore through issuance of securities to sustain rapid business growth.

Shareholders of all the three firms also approved the proposal to raise funds through "offer or invitation to subscribe to non convertible debentures on private placement basis."

Shares of Adani Power today declined by 3.89 per cent to settle at Rs 25.95 apiece on the BSE, while that of APSEZ fell by 3.10 per cent to settle at Rs 321.85 apiece.

Adani Enterprises shares witnessed a steeper fall of 4.70 per cent to settle at Rs 88.25 apiece on the BSE.