Adani Enterprises on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO).
According to the offer letter, Adani Enterprises Ltd’s FPO (AEL) will open on January 27, and close on January 31, as per its plans.
The FPO will generate Rs 20,000 crore in proceeds. Rs 10,869 crore is to be used for green hydrogen projects and work at existing airports. An additional Rs 4,165 crore will be used to repay debts incurred by its subsidiaries, including those for roads and solar projects.
“We have, over the years, seeded new business interests for the Adani group, developed them into sizeable and self-sustaining business verticals and subsequently demerged them into independently listed and scalable platforms,” it said.
Its current business portfolio comprises a green hydrogen ecosystem, data centers, developing airports, roads, food FMCGs, digital, mining, defence and industrial manufacturing.
The company is focusing on industry opportunities such as green hydrogen, data centers and the aviation sector.
“We are setting up a green hydrogen ecosystem with an objective to incubate, build and develop an end-to-end integrated ecosystem for the manufacture of green hydrogen,” it said.
It also includes the manufacturing of solar and wind energy equipment to lower the cost of renewable power, the production of renewable energy, and the transformation of some of the green hydrogen into derivatives including ammonia and green nitrogenous fertilizers for both domestic and international markets.
