India's Adani Energy Solutions to raise up to $1.5 billion
The Hindu
Adani Energy Solutions approves fundraise of up to $1.50 billion, Adani Enterprises to follow suit, amid stock recovery.
India's Adani Energy Solutions said on Monday that its board has approved a fundraise of up to ₹125 billion ($1.50 billion).
The power distribution company will raise funds via the issuance of shares or other securities by way of qualified institutional placements or through any other permissible mode, it added.
Adani Energy has not specified the reason for the fundraise and the price at which the securities will be issued.
The Adani Group's flagship firm Adani Enterprises will also go for fundraise on Tuesday.
Business news website Moneycontrol had earlier reported that the two Adani companies — Adani Energy and Adani Enterprises — will collectively approve a fundraising plan in a range of $3.5-4 billion.
Adani Enterprises' shares recovered to pre-Hindenburg levels during intraday trade on Friday, the fourth group company stock to do so.
The shares, however, ended 4.4% below the pre-Hindeburg level on Monday, while Adani Energy is 60% down compared with the Jan. 24, 2023 level.
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