Gautam Adani's flagship company merged two subsidiary companies with Adani New Industries Limited

Adani Enterprises Limited, the flagship company of the Adani Group, has decided to merge its two step-down subsidiary companies Adani Infrastructure Private Limited and Mundra Solar Technology Limited with the group's other subsidiary company 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 decided to merge with the company's subsidiary Adani New Industries Limited. 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 power production, collection and distribution. Adani New Industries Limited is a subsidiary of Adani Enterprises, the flagship company of the group. 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 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 of 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 gained 213 per cent since February 2023. The stock of Adani Enterprises closed at Rs 3186 on Tuesday, October 1 with a jump of 1.60 per cent and the market cap of the company has reached Rs 363,215 crore.