A representative for the Adani Group didn’t to comment on the fundraising details. An analysis by Bloomberg of exchange filings shows Adani Enterprises and Adani Transmission have sought board approval for fundraising every year in April or May since at least 2019. But the current round of fundraising, once finalised, will be the first for Adani companies after the Hindenburg attack and the ensuing market rout. The stock meltdown earlier this year also cooled Adani companies’ heated valuations. Adani Transmission hasn’t announced the March quarter earnings yet.

Source: The Edge Markets May 11, 2023 18:37 UTC