Adani Enterprises to raise Rs 25,000 cr via rights issue
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Adani Enterprises Ltd said its board on Tuesday approved aproposal to raise up to ₹25,000 crore through a rights issue of partly paid-up equity shares. The company also reported an 84% year-on-year increase in consolidated net profit to ₹3,199 crore for the September quarter, mainly due to a one-time exceptional gain from the sale of a stake in Adani Wilmar Ltd. It is likely to use the proceeds from the proposed rights issue for paying down debt and for capital expenditure, majorly in the airport business, people in the know said. The rights issue will be made to eligible shareholders on a record date to be announced later, Adani Enterprises said in a stock exchange filing. ET Bureau If the company raises the entire ₹25,000 crore, this would be one of the largest fundraisings by the Adani Group flagship. It called off a follow-on offer to raise ₹20,000 crore in 2023, after American short-seller Hindenburg Research made allegations against...