Adani Group is going to raise $ 3.5 billion by selling shares of three companies.
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According to sources, after the approval of the Board of Directors, Adani Enterprises and Adani Transmission have sought approval from the shareholders. The board of Adani Green Energy may meet in the first or second week of June to approve it. In this way Adani Group can raise $ 3.5 billion. This will enable the group to meet its capital expenditure. The capital raising process may be completed in the second quarter (July-September) of the collection current year. The capital will be raised by issue of shares to eligible institutional buyers. According to sources, investors from Europe and West Asia have shown good interest in it. Some of the existing investors may accept the offer and some new investors may also join.
questions on deals
Meanwhile, audit company Deloitte has raised questions about three deals in its comments on the accounts of Adani Ports and Special Economic Zone (APSEZ). This includes recovery from the contractor which is also mentioned in the Hindenburg Report. Deloitte Haskins & Sells has highlighted the deals with the three entities in its report on the audit for the fourth quarter of the financial year 2022-23 and the full financial year. Regarding this, the company says that these units have nothing to do with the group companies. However, the auditor said it could not verify the company’s statement as there was no independent verification of the same.
Hindenburg Research, in its report on January 24, accused Adani Group of fraud, rigging of shares and money laundering. Along with this, he had also talked about not making adequate disclosures about the transactions between the related parties. However, the group has denied all the allegations and termed them as completely baseless. Deloitte said Adani Group did not consider it necessary to conduct an independent external investigation into these allegations due to its assessment and the ongoing investigation by SEBI.
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