Adani Enterprises eyes fundraising on April 8

The Board of Directors will evaluate the proposal to raise funds by issuing shares or any other eligible security.

The Adani Enterprises Board of Directors is scheduled to meet on April 8, 2022 to consider the proposal to raise funds by rights issue, preferential allotment, including placement in qualified institutions or by any other permitted mode and/or combination of these. Fundraising will be through the issuance of shares or any other eligible security.

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

“The acquisition is in line with Adani Enterprises’ strategic objectives to undertake investments that provide synergistic benefits to the Adani Group’s existing businesses,” the Indian company said.

Adani Enterprises, the flagship company of the 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, power distribution gas, edible oil and agricultural products.

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

Shares of Adani Enterprises rose 3.69% to stand at Rs 2,141.85 on Tuesday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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