Adani Enterprises Rights Issue: Shares of Adani Enterprises have jumped by 6 percent this week as the company has announced many important information like record date, issue price for the mega rights issue of Rs 25,000 crore. This is Adani Group’s biggest fundraising so far after the canceled Rs 20,000 crore FPO in 2023. The board of Adani Enterprises had approved this rights issue in its board meeting in November.
What will be the price of shares in the rights issue?
Adani Group company Adani Enterprises has said that a total of 13,85,01,687 rights equity shares will be issued, which will be worth Rs 24,930.30 crore. The rights issue will be through partially paid equity shares and the face value of each share will be Re 1. The price of the rights issue has been fixed at Rs 1,800, which is 24 percent less than Tuesday’s closing price and 28 percent less than the previous closing price of 2516.85 on BSE.
When is the record date?
The record date to participate in the rights issue has been fixed for Monday, November 17. This means that investors who have Adani Enterprises shares in their demat accounts till this date will be able to buy shares in the rights issue. The company is giving 3 rights shares for every 25 shares. That means if you have 25 shares of Adani Enterprises, then you will be able to buy 3 new shares.
What will the money be spent on?
Adani Enterprises will use the amount raised to strengthen its airport business, many other infrastructure projects and to reduce debt. This will strengthen the financial position of the company and will give further impetus to its growth in the coming times.
Disclaimer: (The information provided here is being given for information only. It is important to mention here that investment in the market is subject to market risks. Always take expert advice before investing money as an investor. ABPLive.com never advises anyone to invest money here.)
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