Adani Energy Solutions may launch $600 million share sale this week: Report

This will be Adani Group's first equity market fundraise after a $2.5 billion-share sale was cancelled in February 2023.

Gautam Adani-led Adani Energy Solutions is likely to launch a share sale this week to raise over $600 million, as per news agency Reuters. This will be Adani Group's first equity market fundraise after a $2.5 billion-share sale was cancelled in February 2023. This happened after US-based short-seller Hindenburg Research’s report which accused Adani Group of stock price manipulation and other irregularities.

Adani group chairman Gautam Adani. (ANI)

The Hindenburg report accused Adani Group of improper use of offshore tax havens and stock manipulation. All of these claims have been denied by Adani Group and Gautam Adani. Following the Hindenburg report, Adani Group's shares lost more than $100 billion in value before recovering in late 2023.

What the report said on Adani Energy Solutions QIP?

Adani Energy Solutions plans to raise funds through a Qualified Institutional Placement (QIP), the report claimed. At least three foreign investors, which have not previously invested in India, are set to participate in the offering, the report said, adding that bankers advising Adani on the share sale include SBI Capital Markets, Jefferies, and ICICI Securities.

This comes after Bloomberg reported that the power transmission unit had selected investment banks to arrange a share sale that could raise at least 50 billion rupees ($597 million).

Since Hindenburg report in January 2023, Adani Group companies raised more than $670 million through listed rupee bonds and one dollar bond.