Adani Enterprises will raise Rs 16,600 crore through QIP, company board approves, stock rises 224% in less than 16 months

Adani Enterprises News : Adani Group’s flagship company Adani Enterprises will raise Rs 16600 crore through Qualified Institutional Placement (QIP) or other permissible mode. The company’s board has approved fund raising of Rs 16,600 crore today on 28 May. After the Hindenburg controversy, this fund raising is considered very important for the growth of the company. Adani Enterprises has given information about this in the exchange filing. However, after getting approval from the board, now the company will also have to seek approval from the shareholders for this in the Annual General Meeting (AGM) to be held on June 24. Let us tell you that Adani Enterprises had last taken the approval of the board to raise Rs 12,500 crore in May 2023, but did not raise funds.

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The stock rose 224% after a record drop

Adani Enterprises stock has seen a tremendous rise in the last few months. After the Hindenburg controversy, the stock saw a huge decline. Before the Hindenburg report came out, the stock closed at Rs 3458 on 24 January 2023. But after the report came out the next day, the stock started falling. On 3 February 2023, the stock came down to Rs 1017, which was the low level of many months. However, last week the stock once again crossed the level of 3458. That is, it had reached the level before the Hindenburg controversy. Right now the share is around Rs 3300. That is, it has gained about 224 percent from the low of 3 February 2023.

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The company’s profit decreased

Adani Enterprises Limited’s profit in the January-March quarter of FY 2024 has fallen by 38 per cent on an annual basis to around Rs 451 crore. The company’s profit has declined due to increased cost of raw materials and increased expenditure. In a notice to BSE, the company said that in the same quarter last year, the company had a profit of Rs 722.48 crore.

Along with the increase in operating costs in the January-March quarter of FY 2024, the cost of raw materials has also increased. However, the company’s profit increased by 31 per cent to Rs 3,240.78 crore in the entire financial year 2023-24. Operating income increased by about 1 per cent to Rs 29,180.02 crore in the March quarter from Rs 28,943.84 crore in the same quarter last year. At the same time, operating income declined to Rs 96,420.98 crore during the entire financial year, from Rs 1,27,539.50 crore in FY 2022-23.

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Adani Energy Solutions will also raise Rs 12,500 crore

Earlier on May 27, Adani Energy Solutions had said that it would raise funds worth Rs 12,500 crore through QIP or any other means. The company’s board had approved this yesterday. The final approval for raising this fund will also be taken in the Annual General Meeting.