Adani Group to mull stake sale to raise funds on Saturday

Adani Group to mull stake sale to raise funds on Saturday

The amount that is expected to be raised wasn't specified, but they said that the said fund-raising would be done either separately or through a combination of modes, which would also include private placement, preferential issue and qualified institutional placement.

FPJ Web DeskUpdated: Thursday, May 11, 2023, 12:56 PM IST
article-image
Adani Group to mull stake sale to raise funds on Saturday | File

The boards of directors of Adani Enterprises Limited, Adani Transmission Limited, and Adani Green Energy Limited will hold separate meetings on Saturday to consider a proposal to raise funds through issuance of equity shares or other securities, the companies announced through separate exchange filings.

The exchange filings by the companies did not specify the amount they propose to raise, but they said that the said fund-raising would be done either separately or through a combination of modes, which would also include private placement, preferential issue and qualified institutional placement.

Many claim that the current fund-raising announcement is seen by many experts as a test of investor confidence. This move comes more than a hundred days after US-based short-seller Hindenburg Research released a scathing report. Following the report, investor confidence plunged and the group lost billions of dollars in valuation. Some companies of the Adani Group lost nearly two-thirds of their valuation.

The report by Hindenburg Research came a day before the follow-on public offer of Adani Enterprises to raise 200 billion rupees.

Adani Group shares

The shares of Adani Enterprises, Adani Transmission and Adani Green Energy at 12:48 pm IST were at Rs 1,992.20, up by 5.29 per cent, Rs 910, up by 2.23 per cent and Rs 915.55 up by 1.46 per cent respectively.

RECENT STORIES

Gold Jumps ₹450 To ₹99,620/10 Grams; Silver Rallies ₹1,000

Gold Jumps ₹450 To ₹99,620/10 Grams; Silver Rallies ₹1,000

Tech Layoffs in 2025: Microsoft, Google, Intel, Infosys Reduce Workforce

Tech Layoffs in 2025: Microsoft, Google, Intel, Infosys Reduce Workforce

India May Be Subject To Lower US Tariffs Compared To APAC Nations: Moody's

India May Be Subject To Lower US Tariffs Compared To APAC Nations: Moody's

Reliance Retail Picks Stake In FACEGYM, Plans India Launch Via Tira To Boost Beauty And Wellness...

Reliance Retail Picks Stake In FACEGYM, Plans India Launch Via Tira To Boost Beauty And Wellness...

India’s Sugar Sector Grows Into ₹ 1.3 Lakh Crore Industry, Drives Rural Prosperity, Energy...

India’s Sugar Sector Grows Into ₹
1.3 Lakh Crore Industry, Drives Rural Prosperity, Energy...