Adani Enterprises shares to hog limelight today; here are two key reasons

2 min read | Updated on October 03, 2024, 09:01 IST

SUMMARY

As per news reports, the Adani Group's flagship company is looking to raise about $1.3 billion through qualified institutional placement (QIP) and is expected to start the process as early as the week starting October 7.

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Adani Enterprises shares have rallied 33% in the past 12 months.

Adani Enterprises share price NSE: Shares of Adani Enterprises are expected to be in focus on Thursday, October 3, amid news reports that the Adani Group's flagship company is looking to raise about $1.3 billion through qualified institutional placement (QIP) and is expected to start the process as early as the week starting October 7.

The terms of the sale may have a greenshoe option, which will be firmed up by the board likely by the end of this week. There’s strong interest from many domestic institutional investors in the equity issue, said a Bloomberg report.

Besides, shares will also be on investors' radar as Adani Group has merged two step-down subsidiaries with green hydrogen and wind turbine manufacturing firm Adani New Industries Ltd.

"Adani Infrastructure Private Limited and Mundra Solar Technology Limited stand amalgamated with Adani New Industries Limited, a wholly-owned subsidiary of the company," Adani Enterprises Ltd said.

Adani Infrastructure and Developers operates as a real estate company, constructing and developing thermal and solar power projects as well as providing engineering, techno-commercial, project management and control, and commissioning services.

Less than three years old, Mundra Solar Technology is involved in the production, collection, and distribution of electricity.

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Adani New Industries Ltd (ANIL) is a subsidiary of Adani Enterprises that undertakes low-carbon projects. It undertakes green hydrogen projects and the manufacturing of wind turbines and solar module batteries. It serves energy and utilities, transportation, logistics, and incubation sectors worldwide.

According to a July note by CARE Ratings Ltd, Adani has an operational facility for manufacturing 4 GW of solar PV modules with backward integration capacity of 4 GW of solar PV cells and 2 GW of ingot and wafer, and the wind turbine generator (WTG) manufacturing facility under the wind segment.

ANIL is reportedly setting up facilities to produce solar glass, aluminium frames, and backsheets -- key parts for its existing solar cell and module manufacturing.

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French energy giant TotalEnergies holds a 25% equity stake in ANIL while AEL holds the remaining.

With inputs from PTI

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