Adani Enterprises, the flagship of billionaire Gautam Adani’s empire, has secured the board’s nod to raise as much as Rs 16,600 crore ($2 billion), a day after Adani Energy Solutions got similar approval for Rs 12,500 crore ($1.5 billion).
The holding company and the business incubator of Adani Group can deploy multiple modes including a share sale to institutions, Adani Enterprises said in an exchange filing on Tuesday.The fundraising may happen in one or more tranches, it added.
Adani Energy Solutions had received similar consent from its board on Monday to raise as much Rs 125 billion rupees ($1.5 billion), in a sign that the ports-to-power conglomerate will step up capital spending.
These firms secured similar approvals in 2023 to raise a total of $2.6 billion, but those approvals were set to expire in June, triggering the need to get fresh sign-offs from the two boards. The conglomerate, which has raised almost $6 billion from marquee investors including Rajiv Jain’s GQG, Qatar Investment Authority and TotalEnergies since Jan 2023, is back to aggressively expanding its businesses. A scathing short-seller attack by Hindenburg early last year had forced the conglomerate to rein in debt and go slow on its rapid growth spree after a stock rout.
