Adani Enterprises raises $2.45 billion through new share sale

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This will be India’s largest public offering of new shares. (File)

Bangalore:

Adani Enterprises, the flagship of the port-to-energy conglomerate Adani Group, said it will raise 200 billion Indian rupees ($2.45 billion) through India’s largest public offering of new shares.

The proposed fundraising comes as the group led by Gautam Adani, the world’s third-richest person, aggressively expands into a slew of industries including cement and healthcare amid some concerns over the promoter’s high debt and large shareholding. .

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The stock offering would increase the company’s IPO from the current 27.4%. In contrast, public shareholders of rival Reliance Industries, led by billionaire Mukesh Ambani, held a 49% stake.

“Adani needs capital at the holding level. It is the flagship company. They need money for many of the new initiatives they are building, acquisitions and for new projects,” said a source with direct knowledge of the transaction.

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The group has made $13.8 billion in acquisitions so far this year, according to data from Dealogic, the highest ever in a year and more than double the previous year.

The company plans to file a draft prospectus by Dec. 31 and raise the funds by March 31, but will depend on market conditions, the source said.

Follow-on public offerings (FPO) are made by already listed companies to diversify their share holdings. The previous largest FPO was a sale of 150 billion rupees in 2020 by Yes Bank.

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