According to a story in Bloomberg News that cited persons familiar with the situation, the billionaire Gautam Adani-led Adani Group intends to raise approximately $800 million for fresh green energy projects.
Details on according to a report, Adani Group intends to raise roughly $800 million for new green energy projects.
The amount of the fundraiser may range from $700 million to $800 million. According to the article, the plan and magnitude were kept a secret. According to a Bloomberg article, the Adani Group is in talks with major international banks such as Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial Group, and Standard Chartered Plc.
Three months after short seller Hindenburg Research released a damning report accusing the group of pulling the biggest con in corporate history and levelling accusations of stock price manipulation and improper use of tax havens, the proposed fundraise may be the ports-to-power conglomerate’s largest borrowing.
Despite the group’s denial of the accusations and 413-page response, it lost more than $114 billion in market value in just three months.
In a very tumultuous market on Tuesday, shares of Adani Green Energy reached the top 5% range. Shares of Adani Green Energy have dropped 52 percent since the start of this year and by 67.05 percent over the past year. A 52-week high of Rs 2,998 was reached by the large-cap stock on April 29, 2022, while a 52-week low of Rs 439.95 was reached on February 28, 2023.
Shares of Adani Green Energy were trading at Rs 913.25 on Thursday.
On the other hand, India’s renewables industry has been luring foreign investment and was among the top five sectors for foreign capital inflows during the previous fiscal year, accounting for 5% of all inflows from April to September 2022 as opposed to 3.3% during the same period in 2017.
