Adani to raise Rs 21000 crore from share sale of two companies
By Lokmat English Desk | Published: May 14, 2023 03:22 PM2023-05-14T15:22:01+5:302023-05-14T15:22:01+5:30
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Two Adani Group companies are seeking to raise Rs 21,000 crore through the qualified institutional placement (QIP) route.While Adani Enterprises said it will raise Rs 12,500 crore, Adani Transmission has plans to raise Rs 8,500 crore.
This fundraising exercise comes after the stinging report of US-based Hindenburg Research had forced the Group’s flagship Adani Enterprises to scrap its Rs 20,000 follow-on public offer
The fresh fundraising exercise also comes as the port-to-power conglomerate is in the middle of an on-going investigation by the Supreme Court-appointed panel and market regulator Sebi.
The board of directors of the two companies in two separate meetings held on Saturday approved the fundraising by way of issuance of shares and/or other eligible securities by way of QIP or other permissible mode.
The two companies would now seek approval of the shareholders for the aforesaid issuance and ancillary actions by way of a postal ballot process. This will be an easy process given promoter shareholding in Adani companies is very high.Adani Green Energy, which was also scheduled to announce fundraising plans on Saturday, after a board meeting, has rescheduled it to May 24. The fundraising is seen as part of the Group’s effort to ease concerns related to its ability to service its humongous debt and continue with its aggressive expansion plans.
