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The board of Adani Enterprises approved a fund raising plan to the tune of Rs 20,000 crore on Friday.

The funds will be raised through a further public offering (FPO) through a fresh issue of equity shares, the newest entrant to the Nifty 50 index said in an exchange filing.

Raising of funds will be done subject to shareholder approval, which will take place through the postal ballot method.

Bloomberg had earlier reported that the issue could go up to as much as $2.5 billion or Rs 20,000 crore. Bloomberg had also reported that Adani is looking towards sovereign wealth funds to raise roughly $5 billion in equity to reduce leverage.

The network of companies owned by Asia’s richest person has reached out to top officials at firms including Mubadala Investment Co. and Abu Dhabi Investment Authority, Bloomberg reported citing people with knowledge of the matter.

As per the September quarter shareholding pattern, promoter and promoter group entity held 72.63 percent stake in Adani Enterprises.

The Adani Group recently forayed into the cement sector with the acquisition of ACC and Ambuja Cement.

Also read: Here’s what Nifty's newest entrant Adani Enterprises can do to increase its free float

According to PTI report, the company wants to enter the petrochemical industry and has plans to invest $2 billion in a 1 million ton-per-year PVC production facility and another $1 billion in a 0.5 million ton-per-year copper smelter.

A $7 billion to $10 billion investment would be made in the healthcare industry, including money from the Adani Foundation. This investment would go toward insurance, hospitals, diagnostic centres, and pharmaceutical companies.

Shares of Adani Enterprise closed at Rs 3,906, down 0.4 percent from the previous close on the BSE. In the year so far the shares have gained over 127 percent.

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