Post Hindenburg, Adani Enterprises plans to raise $2.8 billion from rights issue

Adani Enterprises connected Tuesday announced plans to rise 250 cardinal rupees ($2.8 billion) done a rights contented of shares arsenic it seeks to determination connected from the contention that erupted the past clip it announced an equity fundraise.

Adani Enterprises — which serves arsenic the Adani Group's flagship institution and in-house concern incubator — raised 210 cardinal rupees successful 2023, but the funds were returned to investors aft U.S.-based abbreviated seller Hindenburg Research accused the radical of firm governance issues and banal terms manipulation.

The claims made successful the Hindenburg study led to a crisp correction of banal prices of Adani Group companies, galore of which person present recovered.

At the time, Adani Group called Hindenburg's study a "malicious operation of selective misinformation," adding that it has "always been successful compliance with each laws."

On Sept. 18 of this year, marketplace regulator Securities and Exchange Board of India said its enquiry did not uncover immoderate usurpation of regulatory norms by Adani radical companies and dismissed the allegations made by the U.S. abbreviated seller.

Proceeds from the latest rights Issue volition beryllium utilized by the institution to fortify its equilibrium expanse and enactment its incubation activities, the institution said in a release connected Tuesday.

Among its incubation businesses is Adani's information halfway division, which recently announced plans to develop India's largest AI information halfway field and caller greenish vigor infrastructure successful Visakhapatnam, Andhra Pradesh, successful concern with Google.

Shares of Adani Enterprises ended down 2.7% connected Tuesday.