“Due to certain exigencies, the meeting of the Board of Directors is now rescheduled and to be held on May 24,” the company said in an exchange filing.
On May 10, three Adani Group companies — Adani Enterprises, Adani Green, and Adani Transmission — informed the bourses about the board meeting to consider the fundraising proposal.
At the time of filing this copy, there is no update on the board meeting from other companies.
The three companies didn’t disclose how much they intend to raise or who they’re working with for potential deals. Companies’ boards usually approve fundraising plans to enable the management to quickly tap markets when opportunities arise.
The fundraising is expected to ease concerns around the group’s ability to service its debt and will help in instilling some confidence among investors.
According to a Bloomberg report, the three companies of the embattled group were said to have a fundraising that may draw as much as $5 billion.Despite the coal-to-cement conglomerate denying fraud allegations made by Hindenburg Research in January, the broadside triggered a weeks-long stock rout that wiped out over $100 billion of market value.
Adani Group in early March raised about $1.9 billion by selling shares in four firms to US investment firm GQG Partners, by holding investor roadshows and prepaid debt as they raced to bolster confidence and repair the damage from short seller’s accusations.
In the March quarter, Adani Green’s profit more than quadrupled and its operational capacity surged by almost half to more than 8 gigawatts. It is targeting a capacity of 45 gigawatts by 2030.
Adani Green shares closed 1.87% lower at Rs 896.45 on NSE. The stock was under pressure amid the Supreme Court’s hearing on the Adani-Hindenburg row.
The apex court said it will give a three-month extension to SEBI — denying a six-month extension sought by the regulator — to complete the probe on the Adani group.
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