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Two Adani Group firms to raise up to $2.57 billion from the market

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In January, a report from short seller Hindenburg Group had tanked investor confidence in Adani companies, pushing share prices down.

Two Adani group companies, including the Indian conglomerate's flagship firm, announced plans on to raise up to $2.57 billion from the market.

India's Adani Transmission said its board approved a plan to raise up to 85 billion rupees from the stock market. Adani Enterprise said in a filing to exchanges that its board had approved plans to raise up to 125 billion Indian rupees through similar modes. Adani has denied all allegations even as India's market regulator is probing Hindenburg's allegations as well as Adani group's related-party dealings following a Supreme Court directive.

 

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Two Adani Group firms to raise up to $2.57 billion from the marketTwo Adani group companies including the Indian conglomerate's flagship firm announced plans on Saturday to raise up to $2.57 billion from the market, months after a short-seller report battered investor confidence and drove share prices down.
Source: Reuters - 🏆 2. / 97 Read more »