Adani Group’s Flagship, Utility Firm Seek to Raise $2.6 Billion
- Adani Enterprises can raise up to 125 billion rupees: filing
- Funding approvals show the group is focusing back on growth
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Two companies in billionaire Gautam Adani’s empire, including his flagship firm, are seeking to raise as much as $2.6 billion, signaling the Indian conglomerate wants to focus on growth after a scathing short seller report forced it into damage control.
Adani Enterprises Ltd., the incubator for new group businesses, has received board approval to raise as much as 125 billion rupees ($1.5 billion) through a Qualified Institutional Placement or other modes, according to an exchange filing Saturday. Adani Transmission Ltd. can do fundraising of up to 85 billion rupees using similar methods, the utility said in a separate filing on the same day.