Adani to raise Rs 20,000 cr through fresh share issue

Billionaire Gautam Adani’s conglomerate on Friday said it will raise Rs 20,000 crore in equity to fund the massive expansion at his sprawling business empire that now spans from ports to energy to cement.

Adani Enterprises Ltd, the flagship firm of Asia’s richest person, will raise funds through the issue of fresh equity shares, it said in a stock exchange filing. The public offering will help Adani Enterprises Ltd (AEL), which is the business incubator for the group and currently houses businesses from civil aviation to data centres, diversify the shareholder base and build its credibility and acceptance among investors.

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Promoters currently hold 72.63 per cent shares of AEL. Of the remaining 27.37 per cent, almost 20 per cent is held by insurance companies and foreign portfolio investors.