Adani Group wants to raise $5 billion to reduce leverage

Adani Group wants to raise $5 billion to reduce leverage

The world's third richest man wants to raise $5 billion in equity to reduce leverage.

What happened to Indian billionaire Gautam Adani'sAdani's conglomerate, which reached out to investors, including Mubadala Investment Co. and Abu Dhabi Investment Authority, according to anonymous sources familiar with the matter.

The group has also approached the Qatar Investment Authority and pension funds, including the Canada Pension Plan Investment Board. It is also home to interest from funds linked to Abu Dhabi Ruler's Representative Sheikh Tahnoon Bin Zayed Al Nahyan and the sovereign wealth fund ADQ.

The report said that the talks are ongoing, and final decisions have yet to be made by the company.

The conglomerate said in an exchange filing on Tuesday that the Adani Enterprise board would meet on November 25 to discuss raising funds.

The sources told the publication that bankers have urged the billionaire's conglomerate to raise equity to improve its debt ratios after a CreditSights report in September warned that the Adani group is deeply overleveraged. Adani is currently the third richest man in the world and the highest wealth gainer among top billionaires this year.

According to Bloomberg Billionaires Index, Adani has gained $51 billion this year, leaving Elon Musk and Jeff Bezos in the dust.