Adani Group plans to raise about $300 billion

The Adani Group is planning to raise about $300 billion ($3 billion) through an equity share sale to institutional investors. According to a PTI report - this is a major strategy of withdrawal after the damage caused by the report of American short seller Hindenburg.

The board of Adani Enterprises Ltd, the flagship company of the Adani Group, and
the board of power transmission company Adani Transmission have already approved raising Rs 350,21 crore (over $000.2 billion) through share sales to institutional investors. The board of Adani Green Energy Ltd is likely to approve raising up to $5 billion in the next few weeks, sources familiar with the matter said.

The entire funding of $350.<> billion, which will go towards meeting the Adani Group's capital expenditure needs, is expected to be completed in the second quarter (July-September) of the current financial year.

This capital will be raised by issuing shares to institutional investors. Sources familiar with the matter told PTI that investors from Europe and the Middle East have shown great interest in it.

According to sources in the PTI report, some existing investors are likely to subscribe to the offer and some new investors may also join it. GQG Partners, which had invested $1.87 billion in four Adani Group companies in the first week of March, is likely to join, indicating that investor interest in the Adani Group continues to grow.

Sources said investors continue to have faith in Adani's growth story and have shown interest in investing more money into the group. The capital raising has been finalised after roadshows abroad with several financial institutions and other investors.