The Board of Directors of Adani Enterprises Ltd. on Tuesday, 28 May, approved raising funds not exceeding Rs 16,600 crore through Qualified Institutional Placement (QIP) to accelerate growth after the Hindenburg fallout in 2023.

The Gautam Adani-led company, in its regulatory filing, said, “We wish to inform you that the Board of Directors… has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Re 1 each of the Company and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (“QIP”) or other permissible mode in one or more tranches.” 

The company is looking to gain shareholders approval at the upcoming annual general meeting, which is scheduled to be held on 24 June. 

The plans to raise funds came after Adani Energy Solutions announced that the company’s board approved raising funds in one or more tranches not exceeding Rs 12,500 crore through QIP or any other permissible mode. 

Since 2023, the Adani Group has raised around $6 billion from investors, including Qatar Investment Authority, Rajiv Jain’s GQG Partners LLC, and Total Energies. 

Adani Group is looking to expand aggressively, and the board’s approval to raise capital ensures that the company can quickly find suitable financing terms.