Signage of Adani Group at firm’s gasoline station in Ahmedabad, India, on Wednesday, Feb. 1, 2023.
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Two Adani group firms together with the Indian conglomerate’s flagship agency introduced plans on Saturday to boost as much as $2.57 billion from the market, months after a short-seller report battered investor confidence and drove share costs down.
India’s Adani Transmission stated its board accepted a plan to boost as much as 85 billion rupees ($1.0 billion) from the inventory market. Adani Enterprise stated in a submitting to exchanges that its board had accepted plans to boost as much as 125 billion Indian rupees ($1.53 billion) by comparable modes.
U.S.-based short-seller Hindenburg Group’s January report battered investor confidence and drove share costs of the group down.
Adani has denied all allegations at the same time as India’s market regulator is probing Hindenburg’s allegations in addition to Adani group’s related-party dealings following a Supreme Court docket directive.
Adani Transmission and Adani Enterprise, billionaire Gautam Adani’s flagship entity, stated in separate statements they deliberate to boost the funds by way of promoting fairness shares by certified institutional placements or different permissible modes.
Adani Inexperienced Vitality Ltd, which was additionally anticipated to announce comparable funding plans, on Friday rescheduled its board assembly to Could 24.
A deliberate $2.5 billion share sale by Adani Enterprise fell by within the wake of the scathing short-seller report.