Millionaire Gautam Adani’s top firm hopes to raise 100 billion ($1.2 billion) to 120 billion through its shares for sale. According to data, the move will follow a recent separate fund-raising deal in his power transmission unit.
Adani Enterprises Ltd (NSE: ADANIENT) may seek to raise capital through an institutional placement qualified (QIP).
The company, which does business from ports to power, is in discussions with banks about the share sale, which could be finalized in early September.
Work To Increase Shareholder Base
According to the report, the Adani Group is looking for institutional investors in several countries, including the US, as part of its efforts to increase its shareholder base and attract more research analysts to cover the firm.
Discussions continue and no final decision has been made on the timing, size, and amount of shares to be offered for sale.
The issue was approved in May. Adani Enterprises approved raising to Rs 166 billion using ways that included shares sold by institutions through one or several tranches.
The transaction will follow the sale of Rs 83.7 billion worth of shares of Adani Energy Solutions Ltd to institutional investors last week.
6 Times More Demand
Adani Energy’s deal had nearly six times the demand than the size of the base deal and was attracting interest from utilities-focused US investors that were coming to India at first, as with sovereign wealth funds and insurers.
Adani Enterprises’ fund-raising deal will help strengthen global investor confidence in the group, which was hit hard by a report by US short-seller Hindenburg Research in early 2023.
The report accused the Adani Group of widespread fraud and corporate malfeasance, which at one point led to a decline in its market value by more than $150 billion.
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