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    Home / News / Business News / Adani Enterprises board convenes to discuss fundraising plans
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    Adani Enterprises board convenes to discuss fundraising plans
    Recent investments have helped restore confidence in Adani Enterprises

    Adani Enterprises board convenes to discuss fundraising plans

    By Mudit Dube
    May 28, 2024
    10:58 am

    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.

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