Adani Gas gains on fund raising plans

Adani Gas advanced 2.61% to Rs 202.65 after the company said its board will consider fund raising on 3 November 2020.

In a BSE filing made after market hours yesterday, the company said that its board will consider a proposal to raise upto $400 million through issue of US dollar denominated foreign currency bonds which may be issued in one or more tranches in India or overseas, on a private placement basis.

In the same meeting, the board of Adani Gas will also consider results for the quarter ended on 30 September 2020.

The company’s consolidated net profit tanked 41.6% to Rs 46.33 crore on 56.2% drop in net sales to Rs 197.15 crore in Q1 June 2020 over Q1 June 2019.

Adani Gas provides utility services. The company produces and distributes natural gas to commercial, residential, and transports sectors.

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