Adani Group firms to raise $2.57b

Adani Transmission says its board approved a plan to raise up to 85b rupees ($1.0 billion) from the stock market

NEW DELHI:

Two Adani group companies including the Indian conglomerate’s flagship firm announced plans on Saturday to raise up to $2.57 billion from the market, months after a short-seller report battered investor confidence and drove share prices down.

India’s Adani Transmission said its board approved a plan to raise up to 85 billion rupees ($1.0 billion) from the stock market. Adani Enterprise said in a filing to exchanges that its board had approved plans to raise up to INR125 billion ($1.53 billion) through similar modes.

The equity fundraising is Indian billionaire Gautam Adani’s first real test of broad investor appetite since he called off a record $2.5 billion share sale in January following allegations by US-based Hindenburg Group of stock market manipulation and use of tax havens.

Published in The Express Tribune, May 14^th, 2023.

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