Adani Enterprises
on Tuesday announced plans to raise 250 billion rupees ($2.8 billion) through a rights issue of shares as it seeks to move on from the controversy that erupted the last time it announced an equity fundraise.
Adani Enterprises — which serves as the Adani Group’s flagship company and in-house business incubator — raised 210 billion rupees in 2023, but the funds were returned to investors after U.S.-based short seller Hindenburg Research accused the group of corporate governance issues and stock price manipulation.
The claims made in the Hindenburg report led to a sharp correction of stock prices of Adani Group companies, many of which have now recovered.
At the time, Adani Group called Hindenburg’s report a “malicious combination of selective misinformation,” adding that it has “always been in compliance with all laws.”
