Gautam Adani’s flagship company named Adani Enterprises has been taken over by the Board of Directors. The amount of Rs 166 billion ($2 billion) to be raised is part of a plan that was approved yesterday for similar value of Rs 125 billion ($1.5bn) by Adani Energy Solutions.
According to it, this business umbrella and incubator can use a variety of models involving share sales to institutions, says the filing on Tuesday this week. It said it could also be done in one or more tranches.
Adani Energy Solutions Port to Power Group will stand up Capital expenditures as well as gave its board a similar go ahead on Monday for raising INR 125bn ($1.5bn).
The companies were given similar approvals in 2023 for $2.6bn, but these approvals expire in June and would therefore require new ones from both boards. The group has been back on the aggressive acquisitions trail after raising nearly $6b since January including from high-profile investors such as Rajiv Jain’s GQG Investments, Qatar Investment Authority, and Total Energies. In early 2020, Hindenburg launched a brutal short-selling attack that forced the group into debt reduction and slower growth following steep falls in its shares on equity markets.
