Adani Group Fund Raise Plan: Adani Group’s flagship company Adani Enterprise will raise Rs 12,500 crore through qualified institutional placement. At the same time, Adani Transmission will raise Rs 8,500 crore.
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adani enterprises adani transmission to raise rs 21000 crore via qip
After the Hindenburg Research report, there was an impact on the sentiment of the investors.
New Delhi: Adani Enterprises and Adani Transmission today announced that they will raise a total of Rs 21,000 crore through Qualified Institutional Placement (QIP). Adani Enterprises will raise Rs 12500 crore through QIP. At the same time, Adani Transmission will raise Rs 8,500 crore.
Both companies gave information to the stock market
After the board meeting, both the companies informed in separate regulatory filings that they would raise funds by way of QIP or any other suitable way by way of issue of shares and/or eligible securities.
Adani Green Energy, another group company, was also supposed to announce its plan to raise funds after the board meeting today. However, it was later rescheduled for May 24.
This fund-raising exercise will ease concerns about the group’s ability to service debt. This will also help in instilling confidence in investors.
Hindenburg’s report has an impact on investors’ sentiment
Due to the allegations leveled against the Adani Group by the American short selling firm Hindenburg Research (Hindenburg Research Allegations against Adani Group), there was a lot of impact on the sentiments of the investors and due to this the company’s shares fell. However, veteran industrialist Gautam Adani said that this will not affect the business plan of the group.
Adani Group is doing this exercise to raise funds at a time when a panel appointed by the Supreme Court and market regulator SEBI are investigating against Gautam Adani’s business group.
On March 2, the Supreme Court had directed SEBI to complete the investigation into the allegations against the group within two months. The apex court had also constituted a committee to protect the interests of the investors.