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

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Signage of Adani Group astatine company's state presumption successful Ahmedabad, India, connected Wednesday, Feb. 1, 2023.

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Two Adani radical companies including the Indian conglomerate's flagship steadfast announced plans connected Saturday to rise up to $2.57 cardinal from the market, months aft a short-seller study battered capitalist assurance and drove stock prices down.

India's Adani Transmission said its committee approved a program to rise up to 85 cardinal rupees ($1.0 billion) from the banal market. Adani Enterprise said successful a filing to exchanges that its committee had approved plans to rise up to 125 cardinal Indian rupees ($1.53 billion) done akin modes.

U.S.-based short-seller Hindenburg Group's January study battered capitalist assurance and drove stock prices of the radical down.

Adani has denied each allegations adjacent arsenic India's marketplace regulator is probing Hindenburg's allegations arsenic good arsenic Adani group's related-party dealings pursuing a Supreme Court directive.

Adani Transmission and Adani Enterprise, billionaire Gautam Adani's flagship entity, said successful abstracted statements they planned to rise the funds via selling equity shares done qualified organization placements oregon different permissible modes.

Adani Green Energy Ltd, which was besides expected to denote akin backing plans, connected Friday rescheduled its committee gathering to May 24.

A planned $2.5 cardinal stock merchantability by Adani Enterprise fell done successful the aftermath of the scathing short-seller report.

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