Two 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.
India’s Adani Transmission (ADAI.NS) said its board approved a plan to raise up to 85 billion rupees ($1.0 billion) from the stock market. Adani Enterprise (ADEL.NS) said in a filing to exchanges that its board had approved plans to raise up to 125 billion Indian rupees ($1.53 billion) through similar modes.
U.S.-based short-seller Hindenburg Group’s January report battered investor confidence and drove share prices of the group down.—Agencies
