Adani Group to Raise $3.5 Billion Through Share Sale in 3 Companies
Billionaire Gautam Adani-led group is set to raise $3.5 billion through an equity share sale to institutional investors in the boldest comeback strategy after US short-seller Hindenburg Research leveled accusations against the ports-to-energy conglomerate of stock manipulation and financial wrongdoings.
While boards of Adani Enterprises Ltd and electricity transmission company Adani Transmission Ltd have already approved raising up to ₹21,000 crore (over $2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to $1 billion in the next couple of weeks, according to news agency PTI.
Photo courtesy of Nicholas Cappello.
Source: Live Mint (link opens in a new window)
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