Earlier reports from ET indicated plans for the two entities to raise around Rs 240 billion, fuelled by interest from new international investors eyeing India's infrastructure landscape. Adani Enterprises' move marks its first foray into capital markets since its follow-up public offer last year. While its previous FPO, valued at Rs 200 billion, was successful, the company opted to refund the capital to shareholders due to a significant share price downturn. This downturn was triggered by allegations from US-based short seller Hindenburg, causing a 65% crash in Adani Enterprises' shares between January and February last year. Though there was some recovery throughout the year, the shares concluded with a 26% loss. In contrast, shares of Adani Energy Solutions witnessed a nearly 60% decline in 2023, followed by a modest 4% uptick in 2024, still far below their 2023 peak levels.

Both Adani Enterprises and Adani Energy Solutions had previously obtained board approval for a QIP fundraising initiative last year but postponed the endeavour at that time.

(ET Infra)