Adani Transmission’s board approves plan to raise up to $1 billion

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NEW DELHI (Reuters) – India’s Adani Transmission said its board of directors on Saturday approved a plan to raise up to 85 billion rupees ($1.0 billion) from the market.

The plan to raise money from one of the Adani Group companies comes months after a report by the US-based Hindenburg Short Selling Group hurt investor confidence and sent the group’s share prices lower.

Adani has denied all allegations even as the Indian market regulator is investigating the Hindenburg allegations as well as the Adani Group’s dealings with related parties following a directive from the Supreme Court.

Adani Transmission said in a statement that it intends to raise funds by selling shares through qualified institutional offerings or other permitted status.

($1 = 81.7800 Indian Rupees)

(Reporting by Aftab Ahmed; Editing by William Mallard)

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)

First published: May 13, 2023 | 1:38 p.m ist