BUSINESS
Adani firms announce Rs 21,000 crore fundraiser via QIP, day after being dropped from MSCI Index
By providing electricity to 31 lakh consumers in and around Mumbai, Adani Transmission has become the group’s most visible manifestation in the financial capital. But the firm that lights up homes across Indian cities has been overshadowed by serious allegations made in the Hindenburg report, which triggered a loss of $140 billion for the group.
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As the conglomerate recovers from the stock market rout, Adani Transmission and Adani Enterprises will collectively raise Rs 21,000 crore.
- After the board’s approval, Adani Enterprises will raise Rs 12,500 crore while Adani Transmission will aim for Rs 8,500 crore via qualified institutional placement.
- The private placement route allows firms to raise money from qualified buyers without having to submit pre-issue filings.
- The announcement comes a day after Adani Transmission was dropped from Morgan Stanley Capital International’s India Index, which provides crucial visibility for stocks among foreign investors.
- The stock had tumbled by 5 per cent in the market after the announcement, which came days after MSCI had announced a review of two Adani stocks.
More fundraisers planned
- Apart from Adani Enterprises and Transmission, its clean power arm Adani Green Energy was also set to announce its fundraiser, but pushed that off to May 24.
- The port to power conglomerate is currently raising funds and prepaying loans, to allay concerns about its ability to service debts.
