Adani Group Of Companies: Adani Group’s flagship company Adani Enterprises Limited has decided to merge its two step-down subsidiaries Adani Infrastructure Private Limited and Mundra Solar Technology Limited into the group’s second subsidiary Adani New Industries Limited. . This merger has come into existence from October 1, 2024.
In a regulatory filing with the stock exchanges, Adani Enterprises Limited said that Adani Infrastructure Private Limited and Mundra Solar Technology Limited have agreed to merge into the company’s subsidiary Adani New Industries Limited. Have decided. Adani Infrastructure Private Limited is a real estate company that develops thermal and solar power projects and provides EPC services.
Mundra Solar Technology Limited is involved in electricity production, collection and distribution. Adani New Industries Limited is a subsidiary of Adani Enterprises, the group’s flagship company. This company manufactures green hydrogen, wind turbines, solar modules and batteries.
Adani Enterprises can raise around $1.3 billion through qualified institutional placement, which is expected to start from October 7 next week. In May 2024, the board of Adani Enterprises had approved the proposal to raise $ 2 billion by selling shares. After the Hindenburg Research report came out in 2023, Adani Enterprises had to withdraw the FPO worth Rs 20,000 crore. Then the stock of Adani Enterprises fell to Rs 1017 on 3 February 2023. But the stock has made a great comeback from that level.
The stock of Adani Enterprises has increased by 213 percent since February 2023. The stock of Adani Enterprises closed at Rs 3186 with a jump of 1.60 percent on Tuesday, October 1 and the market cap of the company has reached Rs 363,215 crore.
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