Advertisement
Adani Group is in discussion with potential investors to raise around $2-2.5 billion via diluting its shares in Adani Enterprises, Adani Transmission and Adani Green, said people aware of the matter.
This will be the first attempt by the company to raise funds after its $2.5 billion were scrapped from Adani Enterprise follow-on public offer (FPO) in February in the wake of Hindenburg Research report. It has also been revealed that the funds raised will be utilised towards debt payment and long-term capital expenditure.
“Some investors participated in the Adani Enterprises FPO in February which was subsequently withdrawn and expect to participate in the upcoming round,” says a person close to the group, as per The Economic Times. It further added that the group is engaged in active negotiation with existing and new investors.
Advertisement
Apart from the prominent family offices and fund houses in India, investors that had participated in the FPO include Abu Dhabhi’s IHC Group, which had committed $400 million, and UK-based Jupiter Fund Management, an existing investor in Adani Group companies.
Following the low they hit due to Hindenburg Research Report in January, Adani Enterprises have registered a rise of 66%.
