THE FUNDAMENTALS AND the business prospects of Adani Group firms have not changed despite all the allegations made by Hindenburg, says Deven Choksey, Promoter of KRChoksey Group. A market veteran who has seen the fortunes of many a company flounder or prosper over the years, Choksey would know. The Adani Group has been in the news for most of 2023, primarily due to a damaging report put out by short-seller Hindenburg Research that pushed all the group firms' stock prices into free fall.
Despite that, these firms are carrying on with business as usual. Recently, some have even announced plans to raise fresh funds, a feat they couldn't have achieved earlier this year after the Hindenburg episode forced it to withdraw the ₹20,000-crore follow-on offer (FPO) of Adani Enterprises.
Now, Adani Enterprises and Adani Transmission have secured Board approvals to raise a total of ₹21,000 crore by way of qualified institutional placements (QIP), where new shares are issued to select institutional investors to raise funds. That’s not all. The Board of Adani Green Energy is also scheduled to meet on May 24 to approve a fund-raising plan to the tune of ₹5,000-7,000 crore, according to market sources.
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