Shares of Adani Enterprises will be in focus on Friday ahead of the company's board meeting on fund raising later in the day. The company is looking to raise funds by way of further public offering FPO preferential allotment or combination of both. There were reports that the Adani Group firm was looking to raise $5 billion from wealth funds.
On Thursday, the BSE had sought clarification from Adani Enterprises regarding the same. The reply is awaited.
A report citing Bloomberg suggested that Gautam Adani was considering raising roughly $5 billion and approached sovereign wealth funds after lenders asked his conglomerate to reduce leverage.
Reuters quoted a network of companies owned by Asia's richest person as saying they reached out to top officials at firms including Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Investment Authority about investments. The group is looking to invest in other large investment funds in the Middle East and Canada, as well as other large investment funds, according to the Bloomberg report, which has also been talks to raise as much as $10 billion.
Another media report this week suggested that the company has initiated a FPO to raise as much as 20,000 crore from retail and institutional investors.
In September, Fitch Group's debt research unit CreditSights raised concerns about Adani Group's debt. Gautam Adani'sAdani's group recently said it would invest $150 billion in businesses ranging from data centres to green energy to airports and healthcare, in order to join the elite global club of companies with $1 trillion valuations.