Adani Enterprises board approves Rs 20,000 crore fund raising plan via FPO

Bloomberg had earlier reported that the issue could go up to as much as $2.5 billion or Rs 20,000 crore. Bloomberg had also reported that Adani is looking towards sovereign wealth funds to raise roughly $5 billion in equity to reduce leverage.

The network of companies owned by Asia’s richest person has reached out to top officials at firms including Mubadala Investment Co. and Abu Dhabi Investment Authority, Bloomberg reported citing people with knowledge of the matter.

The Adani Group recently forayed into the cement sector with the acquisition of ACC and Ambuja Cement.

According to PTI report, the company wants to enter the petrochemical industry and has plans to invest $2 billion in a 1 million ton-per-year PVC production facility and another $1 billion in a 0.5 million ton-per-year copper smelter.

A $7 billion to $10 billion investment would be made in the healthcare industry, including money from the Adani Foundation. This investment would go toward insurance, hospitals, diagnostic centres, and pharmaceutical companies.

Shares of Adani Enterprise closed at Rs 3,906, down 0.4 percent from the previous close on the BSE. In the year so far the shares have gained over 127 percent.