Adani Enterprises Ltd. hired seven banks including Citigroup Inc. and Bank of America Corp. to help it raise as much as $600 million selling shares to institutional investors, said two people with knowledge of the matter.
Morgan Stanley, UBS AG, Enam Securities Pvt., ICICI Securities Ltd. and IDFC Capital Ltd. were also appointed, the people said, declining to be named before an official announcement. The banks will market the shares for two weeks starting today in cities including Hong Kong, Sydney and New York, they said.
Adani Enterprises, based in Ahmedabad in the western Indian state of Gujarat, has shareholder approval to raise as much as 40 billion rupees ($855 million), according to a filing to the Bombay Stock Exchange on June 16. The company is the nation’s largest non-state trader of farm goods.
Devang Desai, chief financial officer of Adani Enterprises, couldn’t immediately be reached for comment.
The banks were also named in an internal sale document obtained by Bloomberg News.