Adani Enterprises Limited has put the plan to raise Rs 10 billion (ie Rs 1000 crore) in cold storage.
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Adani Enterprises Limited has put the plan to raise Rs 10 billion (ie Rs 1000 crore) in cold storage. The company has canceled plans to raise 10 billion rupees (or $ 122 million) through the first public sale of bonds after a major fall in the stock market. According to Bloomberg’s report, the flagship company of Gautam Adani’s business had planned to issue public notes in January. He had worked with Edelweiss Financial Services Limited, AK Capital, JM Financial and Trust Capital.
Work stopped on plan to bring bond
According to the report, now the work on it has stopped. Some people have given this information to him on condition of anonymity. Because the matter is personal. A huge crisis is going on for the Adani Group for a few days. US-based short seller firm Hindenburg Report last month accused him of stock market manipulation and accounting fraud. Where the group had categorically denied the allegations. At the same time, there has been a sharp decline in the prices of its shares and bonds.
Because of this turmoil, Adani Enterprises decided to withdraw its record follow-on public offer of shares worth Rs 200 billion. A few months ago, the group had plans to raise funds for financial expansion.
This story is being updated…
