Adani Enterprises rises as its arm setting up greenfield copper refinery project
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Adani Enterprises is currently trading at Rs. 2190.20, up by 28.70 points or 1.33% from its previous closing of Rs. 2161.50 on the BSE.
The scrip opened at Rs. 2190.00 and has touched a high and low of Rs. 2201.35 and Rs. 2168.85 respectively. So far 19179 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2420.00 on 27-Apr-2022 and a 52 week low of Rs. 1333.30 on 19-Jul-2021.
Last one week high and low of the scrip stood at Rs. 2201.35 and Rs. 2025.00 respectively. The current market cap of the company is Rs. 249614.65 crore.
The promoters holding in the company stood at 74.92%, while Institutions and Non-Institutions held 22.31% and 2.77% respectively.
Adani Enterprises’ (AEL) subsidiary -- Kutch Copper (KCL) is setting up a greenfield copper refinery project for production of refined copper with 1 MTPA (million tons per annum) in two phases. For the phase1 capacity of 0.5 MTPA, KCL has achieved financial closure through a syndicated club loan for the greenfield copper refinery project at Mundra, Gujarat, with the execution of financing documents with the consortium of banks led by State Bank of India (SBI). The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra. The consortium of banks has sanctioned and signed agreement for the entire debt requirement of Rs 6071 crore for the Phase1 of the KCL Project.
Kutch Copper will be part of the Materials, Metals and Mining vertical of the Adani Portfolio. KCL is deeply committed to all UN SDGs with a clear focus on SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation and Infrastructure) and SDG 13 (Climate Action). KCL has a robust ESG philosophy focussed on benchmark production and manufacturing processes, which is based on overall AEL ESG framework. SBI Capital Markets acted as the financial advisor and Desai & Diwanji Advocates acted as the lenders’ legal counsel. Saraf and Partners Law Offices acted as the legal advisor to KCL.
Adani Enterprises is an infrastructure company. The company is engaged in coal trading, coal mining, oil and gas exploration, ports, multimodal logistics, power generation and transmission, and gas distribution.
