June 1

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)

Energy, Investing
renewable energy, scale