NEW DELHI:Billionaire Gautam Adani‘s conglomerate is looking to raise about $3 billion through an equity share sale to institutional investors in the comeback strategy after the ports-to-energy group was hit by the damning Hindenburg report.
While boards of Adani Enterprises, the group’s flagship firm, and Adani Transmission have already approved raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy is likely to do so for raising up to $1 billion in the next couple of weeks, sources said.
After board approvals, Adani Enterprises and Adani Transmission have sought shareholder approval. Adani Green Energy’s board may meet in the first or second week of June for approving the fundraising, they said.
The entire fundraising of $3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed in the September quarter. The sources said investors in Europe and the Middle East have evinced strong interest.
GQG Partners, which invested $1.9 billion in four Adani group companies in March, too may join. agencies
While boards of Adani Enterprises, the group’s flagship firm, and Adani Transmission have already approved raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy is likely to do so for raising up to $1 billion in the next couple of weeks, sources said.
After board approvals, Adani Enterprises and Adani Transmission have sought shareholder approval. Adani Green Energy’s board may meet in the first or second week of June for approving the fundraising, they said.
The entire fundraising of $3.5 billion, which would go to fund the capital expenditure needs of the group, is likely to be completed in the September quarter. The sources said investors in Europe and the Middle East have evinced strong interest.
GQG Partners, which invested $1.9 billion in four Adani group companies in March, too may join. agencies