Mumbai: Adani Energy Solutions Ltd., part of Gautam Adani’s business group, has decided to raise Rs 4,300 crore (USD 502 million) by selling company shares. This will be done through a method called Qualified Institutional Placement (QIP). The company’s board approved this plan on Saturday, according to an exchange filing, as reported by Bloomberg.
The fundraising will happen in one or more parts, depending on market conditions.
The Adani Group has businesses in ports, power, and green energy. It is slowly winning back investor trust after the US filed a bribery case against the group’s founder earlier this year.
Recently, Adani companies have raised large amounts of money. In April, they raised USD 750 million for an acquisition. BlackRock Inc., a major global investor, bought about one-third of those bonds. Last week, Adani Ports secured another USD 150 million from DBS Group Holdings Ltd. through a direct loan.
In March, Fitch Ratings removed Adani Energy from its watchlist. However, it gave the company a "negative" outlook. Fitch said risks have come down, and that Adani now has good access to funding, even after the US charges. This was also reported by Bloomberg.
The new funds are expected to help Adani Energy grow its infrastructure and improve financial strength.
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