Ahmedabad, 25/11: Gautam Adani’s plan to raise at least $5 billion (Rs 40,800 crore) in equity aims to shut down two of the most frequent criticisms leveled against the Indian tycoon’s swelling empire: high debt ratios and a limited investor base.
After four years of eyebrow-raising gains — some Adani Group shares surged more than 2,000 per cent — Asia’s richest person is embarking on a fundraising campaign that will likely include a local share sale as well as buy-in from large investment funds in the Middle East and Canada. An equity injection of this size is expected to help the conglomerate deleverage and Bloomberg Intelligence sees a successful equity raise across the group supporting the companies’ dollar bonds.