The board of Adani Enterprises approves raising up to Rs 16,600 crore through QIP.

The board approved Adani Enterprises' plan to fund Rs 16,600 crore via qualified institutional placement (QIP) on Tuesday. The flagship company of the Adani Group said in a filing to exchanges that the board of directors has approved raising money through the "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, for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of QIP or other permissible mode in one or more tranches." Listed companies can obtain capital through the QIP process, which involves issuing equity to eligible institutional buyers. Adani Enterprises announced its intention to raise funds one day after Adani Energy Solutions, another group firm, was given board clearance to finance Rs 12,500 crore under the QIP route. Adani Enterprises' stock price ended the day on the BSE at Rs 3,244.35 a share, down 1.33%. Adani Enterprises had canceled its f