Gautam Adani speaking during the event. File photo
Adani Enterprises Ltd (AEL) on Tuesday said it would raise Rs 16,600 crore through qualified institutional offering (QIP) or other permitted channels in one or more instalments in accordance with applicable law for aggressive expansion.
The board of directors of the Adani Group flagship company has approved raising funds through issue of one equity share of face value of one rupee.
“The board has approved raising funds in one or more instalments through qualified institutional offering (QIP) or any other permitted mechanism an aggregate amount not exceeding Rs 16,600 crore or its equivalent,” the company said in a regulatory filing.
Adani Energy Solutions on Monday said its board has approved raising funds of up to Rs 12,500 crore in one or more instalments through a QIP or other means.
Adani Group has raised about $6 billion from big investors since the beginning of last year.
AEL said its consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) rose 32 per cent to Rs 1,323.7 crore and profit before tax (PBT) grew 56 per cent to Rs 5,640 crore in FY24.
Adani New Industries' (ANIL) emerging core infrastructure businesses of ecosystems, airports and roads have made significant progress in operational performance, the company announced earlier this month.
The company said the contribution of these businesses to overall EBITDA increased from 40% in FY23 to 45% in FY24.
AEL reported EBITDA at Rs 3,646 crore for fourth quarter (Q4) FY24, up from Rs 3,974 crore in Q4 FY23.
E-commerce venture
In another development, India's Adani Group is considering applying for a license to operate on the country's public digital payments network and is in talks with banks to finalize plans for a co-branded credit card, the Financial Times reported on Tuesday.
The consumer expansion plans come as billionaire Gautam Adani's ports and power conglomerate looks to spend $84 billion on infrastructure over the next decade.
If approved, the group would enter India's fast-growing digital payments market, competing with incumbents Google Pay and Walmart-backed PhonePe.
India's payments market is expected to reach $814.43 billion by 2029, up from $357.51 billion in 2024, the Mordor Intelligence report said.
Indicated.
According to April data, PhonePe is the largest UPI app in India with a 48.9% market share, followed by Google Pay with a 37.7% share.
Adani Group did not immediately respond to a Reuters request for comment on the reports.
The group is also reportedly in talks to offer online shopping through the Indian government-backed public e-commerce platform, Open Network for Digital Commerce (ONDC).
Once finalised, the service will be available through Adani's consumer app, Adani One, which was launched in December 2022, the report added.
The conglomerate is trying to recover from a report published in January 2023 by US short seller Hindenburg which triggered a sell-off of the group's listed shares.
agency
