The board of Adani Enterprises will meet today to discuss and approve the idea of raising money. The board of directors of Adani Enterprises, the flagship company of billionaire Gautam Adani’s conglomerate Adani Group, will convene today, or Friday, November 25, 2022, to discuss and accept the request to raise cash.

At the end of September, Adani Enterprises was added to the NSE Nifty 50 Index, which serves as a benchmark. It serves as the Adani Group’s incubator for future ventures. With a multi-bagger return of more than 129% in 2022 (YTD) thus far, the Adani Group stock has more than doubled this year.

“A meeting of the board of directors of Adani Enterprises Limited will be held on Friday, 25th November at Ahmedabad, inter alia, to consider and approve the proposal of raising funds by way of the further public offering, preferential allotment (including a qualified institutions placement or through any other permissible mode) and/or a combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory/statutory approvals as may be required including the approval of shareholders of the company,” Adani Enterprises informed in an exchange filing earlier this week.

Adani Enterprises, meanwhile, announced a quarterly profit that more than doubled for the quarter that ended in September (Q2 FY23), aided by good results at its integrated resources management and airports divisions. 

According to a Bloomberg story, Gautam Adani is allegedly wooing sovereign wealth funds to raise about $5 billion in stock across his vast corporate empire and lower leverage. According to Bloomberg News, flagship company Adani Enterprises Ltd. is thinking of issuing between $1.8 billion and $2.4 billion in new shares as early as next year. The money earned from the possible Adani Enterprises share issuance may be included in the $5 billion to $10 billion plan.

The Adani group’s systematic capital management program, which has been in place since 2019, includes plans for equity fundraising. Under this program, the Qatar Investment Authority and Abu Dhabi-based International Holding Co. have previously invested in the Indian company. According to the article, the fundraising would begin with Enterprises and is independent of the group’s intentions to raise debt.