Indian billionaire Gautam Adani\u2019s renewable energy unit is considering raising about 123 billion rupees ($1.5 billion) to fund his coal-dependent conglomerate\u2019s green diversification, people familiar with the matter said, following the fallout from a damaging short-seller broadside.<\/p>\n
Adani Green Energy Ltd.\u2019s board will discuss plans to raise funds from institutional investors on Thursday and will then seek approval from shareholders, the people said, asking not to be identified as the talks are private.<\/p>\n
By selling shares through qualified institutional placement, or QIP, Adani Green is looking to bring on board more institutional investors and attract more research analysts to cover the firm, said one of the people. Only one analyst currently tracks the company, according to data compiled by Bloomberg.<\/p>\n
Deliberations are ongoing and details of the fundraising, including size, could still change, the people said. An Adani Group representative couldn\u2019t immediately comment when reached by phone.<\/p>\n
The tycoon\u2019s conglomerate has already announced fundraising plans of as much as $2.6 billion for two other companies \u2014 Adani Enterprises Ltd. and Adani Transmission Ltd. \u2014 as it attempts a comeback from the crisis triggered by Hindenburg Research. The US-based short-seller in January leveled fraud allegations against Adani Group, which has denied any wrongdoing. The report wiped out more than $150 billion from the conglomerate\u2019s market value at one point.<\/p>\n","protected":false},"excerpt":{"rendered":"
Indian billionaire Gautam Adani\u2019s renewable energy unit is considering raising about 123 billion rupees ($1.5 billion) to fund his coal-dependent conglomerate\u2019s green diversification, people familiar with the matter said, following the fallout from a damaging short-seller broadside. Adani Green Energy Ltd.\u2019s board will discuss plans to raise funds from institutional investors on Thursday and will then seek approval from shareholders, the people said, asking not to be identified as the talks are private. By selling shares through qualified institutional placement, or QIP, Adani Green is looking to bring on board more institutional investors and attract more research analysts to cover […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-589526","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/589526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=589526"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/589526\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=589526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=589526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=589526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}