Latest News in Adani Group: Equity share sale of three companies to raise $3 billion
Adani Group, one of India’s leading conglomerates, is in the process of raising approximately $3 billion through the sale of equity shares of three of its companies. The move comes after the Adani Group faced setbacks due to the report by Hindenburg Research, which accused Adani of over-invoicing and inflating the cost of electricity in its power plants. The group has already raised $1.87 billion in March 2021 through the GQG Partners investment, and it is believed that GQG may also participate in this funding process.
How will the funding be utilized?
The funding of $3.5 billion will be utilized to meet the group’s capital expenditure requirements. The Adani Group has already received approval from its institutional investors to raise up to INR 210 billion ($2.8 billion) through share sales of two of its companies, Adani Enterprises Limited and Adani Transmission Limited. The remaining funds will be raised through qualified institutional buyers by issuing new equity shares.
Interest from investors
According to sources, investors from Europe and the Middle East have shown significant interest in the Adani Group’s equity share sale. Existing investors may also subscribe to the offer, and new investors are expected to participate in the process. The Adani Group is hoping to complete the funding process by the end of the second quarter of the current financial year, which ends in September.
Conclusion
The Adani Group’s equity share sale is a significant development in the Indian business landscape, as it indicates the growing interest of foreign investors in Indian companies. The Adani Group’s diversification into various sectors, including infrastructure, energy, and logistics, has made it an attractive investment destination. The group’s ability to raise funds in the current economic environment reflects its strong financial position and future growth potential.
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