Adani Group’s Two Firms Plan to Raise Jaw-Dropping $2.57 Billion from Market
Adani Transmission and Adani Enterprise, two companies belonging to Indian conglomerate Adani Group, have announced plans to raise up to $2.57bn from the market.
The move comes after a short-seller report from Hindenburg Group battered investor confidence and sent share prices tumbling.
Adani Transmission said its board had approved a plan to raise up to $1bn from the stock market, while Adani Enterprise said it plans to raise $1.53bn.
The funds will be raised by selling equity shares through qualified institutional placements or other permissible modes. A $2.5bn share sale by Adani Enterprise was abandoned after the Hindenburg report was published in January.
