Key Points
Billionaire Gautam Adani's conglomerate is looking to raise $2-2.5 billion through an equity share sale in the boldest comeback strategy after the ports-to-energy conglomerate was rocked by allegations of fraud levelled by a U.S. short seller...
"A meeting of the board of directors of Adani Enterprises Ltd. will be held on Saturday, May 13, 2023, at Ahmedabad, inter alia, to consider and approve the proposal of the raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods," the firm said in the filing...
Neither of the two companies disclosed how much money they intend to raise.. Sources aware of the matter said the group may be looking at raising between $2 billion and $2.5 billion, with investors in Europe and the Middle East evincing strong interest...
U.S. short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at the Adani group, triggering a stock market rout that had erased about $145 billion in the conglomerate's market value at its lowest point...
The funds that Adani Group is looking to raise will be the conglomerate's biggest borrowing since the January 24 Hindenburg report..
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