Adani Enterprises, the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 200 billion Indian rupees ($2.45 billion) in India’s largest follow-on public offering of new shares.
The proposed fund raise comes as the group led by Gautam Adani, the world’s third richest person, aggressively expands into sectors such as cement and healthcare, amid some concerns about its elevated debt levels and large promoter shareholding.
The share offering would increase the company’s public float from the current 27.4% level. Rival Reliance Industries’ public float stands at around 49%.
“Adani needs capital at the holding company level. It is the flagship company.
