Adani Group. (file photo)
Adani Transmission and Adani Enterprises, two companies of Adani Group, have got approval to issue new equity funds through Qualified Institutional Placement (QIP). The board of directors of the company considered and approved the proposal to raise funds in its board meeting scheduled on Saturday. Adani Transmission is preparing to raise Rs 8,500 crore and Adani Enterprises Rs 12,500 crore.
Raising this money to the Adani Group is expected to help the group repay its debts. However, the fundraising takes place when the group is in the midst of an ongoing probe by a Supreme Court-appointed panel and market regulator SEBI. Adani Transmission Board has approved raising Rs 8,500 crore through QIP.
Adani Enterprises and Adani Transmission have announced that they will raise a total of Rs 21,000 crore through Qualified Institutional Placement (QIP). While Adani Enterprises said it will raise Rs 12,500 crore, Adani Transmission will raise Rs 8,500 crore.
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Raising funds will increase confidence among investors
The Adani Group hopes that raising funds will ease concerns about the group’s ability to service its debt and help instill some confidence among investors. Billionaire Gautam Adani insisted that there would be no impact on the group’s business plans.
