Adani Enterprises to Weigh Stock Sale Months After Short-Seller Turmoil
- Flagship, two other firms’ boards to decide on fundraising
- Adani Enterprises pulled sale earlier after Hindenburg report
Adani Group headquarters in Ahmedabad, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Less than four months after allegations of fraud by a short seller tipped his business empire into crisis, billionaire Gautam Adani is considering tapping equity markets in a major test of investor confidence.
Adani Enterprises Ltd., the Indian tycoon’s flagship, and at least two other group companies plan to hold board meetings on May 13 to consider raising funds via the sale of shares or other securities. They didn’t disclose how much money they intend to raise or who they’re working with on a potential deal or deals. Shares of all 10 group firms edged higher in Mumbai on Thursday, with the flagship’s stock climbing more than 6%. The group’s dollar bonds also rose.