Our Bureau
Mumbai
The Adani Energy Solutions Limited has confirmed that they have approved raising 4,300 crore rupees ($502 million). The company is currently controlled by Gautam Adani. The news was confirmed by one of the exchanges that Adani Group Unit’s board has approved the proposal that they will be raising the amount through the Qualified Institutional Placement (QIP) in one or more tranches.
The Adani companies lost the interest of some of its investors after the whole fiasco of the Hindenburg’s reports from the United States. The reports left a sour taste in investors mind at that time but since then they have started gaining the favors of investors. The company’s growth can be seen through the interests stretching from ports to green energy.
The Adani Group was in the news recently this year in April when the company raised somewhere around $750 million for an acquisition with. The BlackRock Incorporation accounted for about a third of the bond issue. A few days earlier, Adani Group’s ports unit raised around $150 million from DBS Group Holdings Ltd. in a bilateral loan.
Earlier this year, in March the Fitch ratings decided to remove the Adani Group from the ratings watch and assigned it a negative outlook. The move could have been after the Fitch ratings cited moderating risks associated with the group’s liquidity. They stated that Adani Group has demonstrated adequate funding access and thus deserve to be removed from the rating watch. The Group was put on a rating watch after the bribery charges from the United States.
