Adani Enterprises board convenes to discuss fundraising plans
What's the story
Adani Enterprises, led by billionaire Gautam Adani, has announced a board meeting today to discuss potential fundraising options.
The company informed national stock exchanges about the upcoming meeting.
A meeting of the board of directors of Adani Enterprises will be held "to consider and approve the proposal of the raising of funds by way of issuance equity shares or any other eligible securities through permissible modes," stated the company.
Market recovery
Adani Enterprises's shares rebound after significant sell-off
Adani Enterprises's shares have recently rebounded to levels unseen since January 2023, following a significant sell-off.
The sell-off was triggered by a report from US short-seller Hindenburg Research, accusing Adani's conglomerate of wrongdoing.
The group refuted these claims, but the allegations led to an estimated loss in combined market value of up to $150 billion as investor confidence waned and regulatory scrutiny increased.
Confidence boost
Investments restore confidence in Adani Enterprises
Shares in Ambuja Cement, ACC, and NDTV have also seen a recovery, partially attributed to investments from Abu Dhabi-based International Holding and US boutique investment firm GQG Partners.
These investments have helped restore confidence in Adani Enterprises by diluting some of the family's tight shareholding.
This comes after Adani Energy Solutions Ltd announced plans to raise up to ₹12,500 crore through a qualified institutional placement (QIP) or other permissible mode.