Adani Group Aims to Raise $2.5B in First Share Sale:
The Adani Group is seeking to raise $2-2.5 billion through an equity share sale, as it looks to make a bold comeback after allegations of fraud by a U.S. short seller led to a significant decline in market value.
Adani Enterprises Ltd and Adani Green Energy Ltd are both considering fundraising at board meetings scheduled for May 13, though the exact amount to be raised has yet to be disclosed.
According to sources, investors in Europe and the Middle East have expressed strong interest in the offering, which would be the conglomerate’s largest borrowing since the Hindenburg report.
To regain investor confidence, the Adani Group has denied all allegations of fraud and adopted a number of measures, including prepaying some loans, selling stakes in four group companies to GQG Partners, and reducing spending on new projects.
The funds raised through the equity share sale will be used to support the group’s expansion efforts.
About Adani Group:
A member of the Adani Group, Adani Enterprises Limited is a transnational holding company with a public listing in India. Its headquarters are in Ahmedabad, and its main activities include coal and iron ore mining and trade.
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