Adani Group Aims To Conclude $4 Billion Fundraising By December-end

Indian conglomerate Adani Group is reportedly looking to conclude its planned $4 billion fundraising by the end of December, Reuters reported.

Adani Transmission (ADAI.NS) is aiming to fund $1.03 billion through share sales, while the group's flagship, Adani Enterprises (ADEL.NS), and Adani Green (ADNA.NS), both have board permission to raise about $1.5 billion apiece.

The source, who wished to remain anonymous since the talks are private, stated that the Adani Group wants to wrap up the fundraising by the end of 2023.

The source declined to give specifics regarding the names of the investors Adani is in contact with, but claimed that so far, the response had been favourable since prospective investors think the current valuation is appealing.

The Indian organisation led by billionaire industrialist Gautam Adani needs to raise money badly after being alarmed earlier this year by a report from short-seller Hindenburg Research claiming inappropriate use of tax havens and worries over its debt levels.

Adani Enterprises was also compelled by the report to postpone its significant $2.5 billion share offering in February.

Adani denied doing anything improper. It referred to the claim as unfounded and has since won over investors and paid off debt.

The market value of the group's shares has recovered by about $50 billion since the report's release, but they are still down by about $110 billion.