Adani Plans $600 Million Share Sale, First Since Hindenburg Rout
- Move aimed at widening investor base, including those from US
- Successful share sale would be powerful marker of recovery
Signage atop the Adani Group headquarters in Ahmedabad, India.
Photographer: Prakash Singh/BloombergThis article is for subscribers only.
Gautam Adani’s power transmission unit is considering raising at least 50 billion rupees ($597 million) through a share sale, marking the Indian conglomerate’s first foray into public equity markets since a short-seller’s report wiped away billions in shareholder value.
Adani Energy Solutions Ltd. is looking to raise funds through a so-called qualified institutional placement, or QIP, and plans to conclude the share sale by mid-August, people familiar with the matter said, speaking on condition of anonymity.