Adani Enterprises to raise funds in tune of ₹20,000 cr via FPO

Adani Enterprises on Friday said that the company's board of directors have approved fund raising amounting to ₹20,000 crore through further public offering.

Follow on public offer or FPO is a way by which listed companies issue shares to the public to diversify their equity shareholding.

The share offering would increase the company's public float from the current 27.4 per cent.

The conglomerate helmed by billionaire Gautam Adani, has laid out a mega investment plan of up to $70 billion in the next 10 years to build and acquire renewable assets.

Adani Enterprises' net profit rose to ₹461 crore in the September quarter of the fiscal year 2022-23 (Q2 FY23).

The net profit has climbed by 217 percent year-on-year (YoY), as it stood at ₹212 crore in the corresponding quarter of last year.

The revenue from operations stood at ₹38,175 crore, in Q2 FY23, which is nearly triple as compared to ₹13,218 crore clocked in the year-ago period.