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News Topical, Digital Desk : Adani Enterprises made two major announcements today. The company presented its quarterly results and also announced plans to raise a significant amount of money from the market. According to information submitted to the stock exchanges, the company will raise up to ₹25,000 crore through a rights issue. The board approved the fundraising proposal in its meeting on Tuesday. Following the announcement of the results and the fundraising proposal, the stock saw a decline, trading down nearly 2% in the last half hour of trading.
What did the company announce?
In a filing with the stock exchanges, the company stated that its board has approved a proposal to raise a maximum of ₹25,000 crore through a rights issue. The record date for the rights issue will be announced later. The company stated that all other details related to the rights issue, such as the issue price, ratio, record date, payment terms, and timeline, will be finalized by the board's rights issue committee in the near future and communicated to the exchanges. The company also released its quarterly results today. The company reported that its September quarter profit increased 84% compared to the previous year to ₹3,199 crore, compared to ₹1,742 crore a year earlier. Revenue fell 6% year-on-year, falling from ₹22,608 crore to ₹21,248 crore. EBITDA also declined 23% year-on-year. Margins have declined to 16% from 19.7% last year.
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