Adani Group has unveiled its strategy to generate $3.5 billion in funds by divesting shares of three prominent companies to institutional investors. In the wake of damaging allegations of fraud outlined in a report by Hindenburg Research, an American financial research and investment firm, the conglomerate has encountered significant losses.
Consequently, the conglomerate has taken proactive measures to strengthen its standing in the market. Credible insider information reveals that the boards of Adani Enterprises Ltd and Adani Transmission Ltd, which serve as the group's esteemed flagship companies, have given their formal consent for a substantial share sale worth $2.5 billion (Rs 21,000 crore). This enticing opportunity is exclusively available to eligible institutional investors, further solidifying the group's strategic position.
Following the directors' approval, Adani Enterprises Limited and Adani Transmission Limited have sought the shareholders' endorsement. Meanwhile, the board of directors of Adani Green Energy Limited anticipates convening in early to mid-June to deliberate and approve the proposed transaction. In total, the group aims to secure a substantial sum of $3.5 billion, which will effectively address its capital expenditure requirements.
The capital-raising process is projected to conclude during the second quarter (July-September) of the present fiscal year. Notably, investors hailing from Europe and West Asia have demonstrated considerable interest in this venture. Existing investors are expected to consider the offer, while fresh investors may also participate in this unique opportunity.
