After a short-seller report damaged investor trust and caused share prices to decline, two Adani group firms, including the Indian conglomerate’s flagship company, revealed intentions on Saturday to raise up to $2.57 billion from the market.
The board of India’s Adani Transmission authorised a plan to raise up to 85 billion rupees ($1.0 billion) through the public market, the company reported. In a disclosure to markets, Adani Enterprise stated that plans for raising up to 125 billion Indian rupees ($1.53 billion) through such methods had been authorised by the board.
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