Months after the cancelled Adani Enterprises FPO caused a stir, the Gautam Adani-led entity is planning to reconsider its fundraising options. In line with this, the Adani Enterprises has called a meeting on May 13 to approve a proposal of raising funds.
As per official updates, months after the Hindenburg row wiped out billions of Adani Enterprises’ market value and deeply impacted the Rs 20,000 crore-worth FPO, the company is all set to make a comeback.
“The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a qualified institutions placement or a preferential issue,” the Adani Enterprises said in a BSE filing.
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Further, the company also mentioned that the trading window for dealing in securities of the Adani Group’s flagship entity will remain closed for a couple of days. It reads, “Further, as per the Company's Code of Conduct for Prohibition of Insider Trading, the Trading Window for dealing in securities of the Company will remain closed with effect from close of business hours of 10th May 2023 till 48 hours after the conclusion of the meeting of the Board i.e. till end of day, Monday, 16th May 2023.”
Meanwhile, the Adani Group’s case with regards to the Hindenburg rout is still on in the Supreme Court. As per last updates, the apex court will hear the plea by the Securities and Exchange Board of India (SEBI), seeking an extension of another six months in order to complete its probe on the Adani Group. The matter is expected to be heard on Friday, May 12, as per the list.
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