The country’s veteran industrialist Gautam Adani has raised $ 1.38 billion, or about Rs 11,330 crore, by selling stake in three companies of the group. With this, in the last 4 years, Adani Group has raised more than $ 9 billion i.e. Rs 74,325 crore, attracting investors from various sectors.
Adani Group, which operates from port to energy sector, said in a statement, is committed to raising capital to complete the 10-year framework of the ‘Transformative Capital Management Program’. In the year 2016, this program was started for the implementation of plans of various portfolio companies.
These 3 companies raised $1.38 billion
The latest example is of 3 companies of Adani Group. The group has raised $1.38 billion (Rs 11,330 crore) through stake sales in its three portfolio companies, Adani Enterprises, Adani Green Energy and Adani Transmission.
This will ensure higher capital availability for the group during the next one to one and a half years as well as help in meeting debt and equity commitments for portfolio companies.
In addition, three portfolio companies have also received board approval for primary issues by way of sale of shares to investors. After a US research and company report, there was a huge decline in the market capitalization of the group companies. The group is now working on a strategy to overcome these allegations.
Adani Group’s next plan
Group flagship company Adani Enterprises plans to raise Rs 12,500 crore through share sale to investors, while power company Adani Transmission aims to raise Rs 8,500 crore. Its renewable energy arm is planning to raise Rs 12,300 crore.
Adani Enterprises had to withdraw its Rs 20,000 crore FPO following a report by American short-seller Hindenburg Research. Despite the full subscription, the company had returned the investors’ money and set an example.
Amazing done within 4 years!
The American short-seller had accused the Adani group of fraud and stock price rigging in a report released in January. However, the Adani group had rejected these allegations and the Supreme Court committee had also given a clean chit to the group in this matter.
Adani Group has said in a statement that the group started the journey of capital transformation for its major infrastructure portfolio in 2019. In a short span of 4 years, Adani Group has raised more than $9 billion.
The group has attracted investors in listed companies Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, Adani Total Gas and Adani Enterprises.