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Two Adani Group firms to raise up to $2.57 billion from the market

Signage of Adani Group at firm’s gasoline station in Ahmedabad, India, on Wednesday, Feb. 1, 2023.

Bloomberg | Bloomberg | Getty Pictures

Two Adani group corporations together with the Indian conglomerate’s flagship agency introduced plans on Saturday to lift as much as $2.57 billion from the market, months after a short-seller report battered investor confidence and drove share costs down.

India’s Adani Transmission stated its board authorized a plan to lift as much as 85 billion rupees ($1.0 billion) from the inventory market. Adani Enterprise stated in a submitting to exchanges that its board had authorized plans to lift as much as 125 billion Indian rupees ($1.53 billion) by way of related modes.

U.S.-based short-seller Hindenburg Group’s January report battered investor confidence and drove share costs of the group down.

Adani has denied all allegations at the same time as India’s market regulator is probing Hindenburg’s allegations in addition to Adani group’s related-party dealings following a Supreme Courtroom directive.

Adani Transmission and Adani Enterprise, billionaire Gautam Adani’s flagship entity, stated in separate statements they deliberate to lift the funds through promoting fairness shares by way of certified institutional placements or different permissible modes.

Adani Inexperienced Power Ltd, which was additionally anticipated to announce related funding plans, on Friday rescheduled its board assembly to Might 24.

A deliberate $2.5 billion share sale by Adani Enterprise fell by way of within the wake of the scathing short-seller report.