Less than four months after allegations of fraud by a short seller tipped his business empire into crisis, billionaire Gautam Adani is considering tapping equity markets in a major test of investor confidence.
Adani Enterprises Ltd., the Indian tycoon’s flagship, said in a statement on Wednesday it’s holding a May 13 board meeting to consider selling stock. The company didn’t disclose how much money it intends to raise or who it’s working with on a potential deal.
While the Adani family raised about $1.9 billion selling shares in the conglomerate to US investment firm GQG Partners in early March, none of the group’s main units have tapped the equity market since the allegations by Hindenburg Research wiped more than $100 billion from the conglomerate’s value.
