Adani flagship’s $1.3 billion share sale said to start next week
Gautam Adani’s flagship firm plans to roll out its share sale as early as next week, according to people familiar, marking its return to public equity markets after a scathing short-seller report in 2023 derailed a previous plan.
Adani Enterprises Ltd. is looking to raise about $1.3 billion through a so-called qualified institutional placement and is expected to start the process as early as the week starting Oct. 7, said the people aware of the discussions, who asked not to be identified as the information is not public yet.
The terms of the sale may have a greenshoe option which will be firmed up by the board likely by the end of this week, one of the people said. There’s strong interest from many domestic institutional investors in the equity issue, another person said.
Adani Enterprises got board approval in May to raise as much as 166 billion rupees ($2 billion) through various methods, including share sale to institutions.
An Adani Group representative did not offer any immediate comments. Deliberations are ongoing and details of the share sale, including size and timing, may change, the people said.
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