Adani Group's renewable energy company Adani Green Energy Ltd on Friday said its board meeting, scheduled to be held on May 13, has been rescheduled to May 24.
"It may please be noted that due to certain exigencies, the meeting of the Board of Directors is now re-scheduled & to be held on Wednesday, May 24, 2023," the firm said in a stock exchange filing.
On Wednesday, Adani Green Energy said in a regulatory filing, "A meeting of the board of directors of Adani Enterprises Ltd will be held on Saturday, May 13, 2023, at Ahmedabad, inter alia, to consider and approve the proposal of the raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods."
On Friday, Adani Green Energy's scrip on BSE closed trading 2% lower at Rs 895.95.
Adani Enterprises Ltd and Adani Transmission Ltd also announced board meetings on Saturday to explore fundraising options. It would be the first time Adani Enterprises will raise funds after withdrawing Rs 20,000-crore FPO in February in the wake of Hindenburg report.
Adani Enterprises and Adani Transmission also announced board meetings on Saturday to explore fundraising options. It would be the first time Adani Enterprises will raise funds after withdrawing Rs 20,000-crore FPO in February in the wake of Hindenburg report.
This comes three months after Adani Enterprises Ltd was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report.
Earlier this week, Bloomberg reported that the three firms are looking to raise as much as $5 billion (Rs 40,000 crore).
Abu Dhabi-based International Holding Co, which has invested almost $2 billion in Adani companies, does not plan to take part in any potential share sales, IHC's spokesman told Bloomberg.
US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at the Adani group, triggering a stock market rout that had erased about $145 billion in the conglomerate's market value at its lowest point.
Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy. Adani stocks are still off more than $110 billion in value since the report.
The ports-to-power conglomerate has recast its ambitions as well as prepaid some loans to assuage investors.
Promoters in March sold stakes worth Rs 15,446 crore in four group companies to leading US-based global equity investment boutique GQG Partners.
The group has been trying to win back market confidence with a series of investor roadshows, early debt repayments, and plans to scale back its pace of spending on new projects.
The funds that Adani Group is looking to raise will be the conglomerate's biggest borrowing since the January 24 Hindenburg report. The money raised is intended to be used for funding the group's expansion projects.
With inputs from PTI