{"id":10862,"date":"2024-05-27T11:59:32","date_gmt":"2024-05-27T11:59:32","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10862"},"modified":"2024-05-27T11:59:32","modified_gmt":"2024-05-27T11:59:32","slug":"indias-adani-energy-solutions-to-raise-up-to-1-5-bln","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10862\/","title":{"rendered":"India’s Adani Energy Solutions to raise up to $1.5 bln"},"content":{"rendered":"

RoydadNaft –<\/a><\/span>India’s Adani Energy Solutions said on Monday that its board has approved a fundraise of up to 125 billion rupees ($1.50 billion).<\/p>\n

The power distribution company will raise funds via the issuance of shares or other securities by way of qualified institutional placements or through any other permissible mode, it added.<\/p>\n

Adani Energy has not specified the reason for the fundraise and the price at which the securities will be issued.<\/p>\n

The Adani Group’s flagship firm Adani Enterprises will also go for fundraise on Tuesday.<\/div>\n
Business news website Moneycontrol had earlier reported that the two Adani companies – Adani Energy and Adani Enterprises – will collectively approve a fundraising plan in a range of $3.5-4 billion.<\/div>\n
Adani Enterprises’ shares recovered to pre-Hindenburg levels during intraday trade on Friday, the fourth group company stock to do so.<\/div>\n

The shares, however, ended 4.4% below the pre-Hindeburg level on Monday, while Adani Energy is 60% down compared with the Jan. 24, 2023 level.<\/p>\n

Last year, U.S. shortseller Hindenburg in a report accused the group of stock manipulation and improper use of tax havens triggering a sell-off in Gautam Adani’s ports-to-power conglomerate.<\/p>\n

In the aftermath of the selloff, Adani executives and advisers launched a charm offensive with investors globally, according to the bankers.<\/div>\n
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On a standalone basis, Adani Energy’s total borrowings stood at 51.65 billion rupees at the end of fiscal year 2024, almost twice that of the previous year.<\/div>\n

($1 = 83.0990 Indian rupees)<\/p>\n

Updated on