Adani Enterprises to raise funds through Equity Issue

Adani Enterprises Ltd has announced that the Board of Directors of Company at its meeting held on January 04, 2008 had approved raising of Equity / Equity linked instruments up to a value of Rs 3000 Crores as QIP.

The Company intends to complete the process during the 1st quarter of 2008 in consultation with its Issue Managers.

The Company has diversified interests in Energy, Real Estate & Agri businesses. The objective of raising funds is to meet its long term requirements for Energy Group (comprising of Power, Mining & Oil & Gas) and its Real Estate Business.

The stock was trading at Rs.1222.70, down by Rs.30 or 2.39%. The stock hit an intraday high of Rs.1290 and low of Rs.1195.

The total traded quantity was 236110 compared to 2 week average of 285065.

Source : Equity Bulls

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