Adani raises $1.4 billion from stake sale in 3 companies; $9 billion raised in 4 years

livemint.com:

₹11,330 crore) from stock sales in three group firms, bringing the total amount raised over the past four years to USD 9 billion as the conglomerate attracts interest from a variety of investors. In a statement, the ports-to-energy conglomerate said it "is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies." "In the most recent instance, Adani family has raised USD 1.38 billion ( ₹11,330 crore) through stake sale in the three portfolio companies - Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd," it said.

"This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months." Additionally, as the firm works to recover from claims of fraud made by a US short-seller, the three portfolio companies have secured board approval for main issuances through a share sale to investors. Additionally, the three portfolio businesses have obtained board clearance for major issuances through a share sale to investors as the firm attempts to recover from allegations of fraud made by a US short-seller.

This occurs five months after the Hindenburg report caused Adani Enterprises to cancel a ₹20,000 crore follow-on public offering (FPO). The corporation gave subscribers their money back even though the deal had been fully subscribed.