New Delhi: India’s Adani Energy Solutions plans to raise up to $1 billion through an equity market share sale, said two sources with direct knowledge of the matter, its first such deal since a scathing report from short-seller Hindenburg Research last year.
The sale of existing shares will be Adani Group’s first fundraising from equity markets after a $2.5 billion share sale was scrapped in February last year after U.S.-based Hindenburg accused the group of improper use of offshore tax havens and stock manipulation. Adani has always denied wrongdoing.
A statement from Adani Energy, which is led by billionaire Gautam Adani, said the floor price for the issue has been set at 1,027.11 rupees, at a discount to Tuesday’s close of Rs 1,124.9.
The initial share sale will be for $700 million, with a so-called greenshoe option for a further $300 million, the sources said. The power transmission and distribution company earlier on Tuesday announced plans for raising funds through a Qualified Institutional Placement (QIP).
Adani Group plans to raise funds worth $1 billion via equity market share sale with a floor price of Rs 1,027.11 apiece, according to an official statement. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
