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Adani raises $1.4 bn from stake sale in 3 cos

July 9, 2023
in Business
Adani raises $1.4 bn from stake sale in 3 cos
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Synopsis

Adani Enterprises Ltd, the group’s flagship firm, plans to raise Rs 12,500 crore through share sale to investors while electricity transmission company Adani Transmission another Rs 8,500 crore. Its renewable energy firm plans to raise Rs 12,300 crore

Adani raises $1.4 bn from stake sale in 3 cos; $9 bn raised in 4 yrsAgencies

Mumbai: The Adani Group on Sunday said that it has raised investments of almost $9 billion in the past four years, including from some of the world’s leading investors such as Qatar Investment Authority (QIA), Total Energies, International Holding Company (IHC) and GQG Partners.

Total Energy put $3.3 billion in April 2019 in Adani Total Gas and Adani Green Energy. The French company also created a 50:50 joint venture with Adani Ports called Adani Total Private Limited.

QIA invested $452 million in February 2020 in Adani Transmission. IHC invested $2 billion in flagship Adani Enterprises, Adani Transmission and Adani Green Energy in May 2022.

Meanwhile, GQG has been the latest big-ticket investor in the group with an investment of $3.2 billion this year in four Adani group companies.

“The faith and confidence shown by these large global investors are proof of the underlying strength of the group’s businesses and the Adani Group’s commitment to the highest level of governance,” read the Adani Group’s statement. “Moreover, the success of the investment program also demonstrates the group’s ability to raise funds across companies at each stage and achieve the stated goals.”

During the most recent investment by GQG Partners, the Adani family has raised $1.38 billion through stake sale in Adani Enterprises, Adani Green Energy and Adani Transmission.

The stake sale will ensure higher capital availability at the group level for growth as well as for meeting near-term commitments of both debt and equity for group companies in the coming 12-18 months, the statement read. Adani Enterprises, Adani Green Energy and Adani Transmission have also received board approval for primary issuances in recent weeks.

The Adani Group further said that the $1.87 billion stake sale by the promoter family to GQG in March this year resulted in prepayment of margin-linked, share-backed loans.

ET reported last week that the promoters of the Adani Group will be further tapping global investors for an equity sale to raise a cash cushion for investments in expansion.

Adani Enterprises, which is the conglomerate’s business incubator, has strategic priorities in airport and green hydrogen businesses.

Adani Green Energy, which has a portfolio of 8.1 GW of renewable power, has a target of commissioning 45 GW of renewable energy capacity by 2030 while also being the lowest cost generator of renewable power, the Adani Group said.

Adani Transmission, which is the largest private energy solutions player in India, has an increasing focus on smart metering.

“Adani is committed to raising capital to fulfil its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies,” the statement read.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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Copyright for syndicated content belongs to the linked Source : The Economic Times of India – https://economictimes.indiatimes.com/markets/stocks/news/adani-raises-1-4-bn-from-stake-sale-in-3-cos-9-bn-raised-in-4-yrs/articleshow/101615052.cms

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