Corporate News
Gautam Adani weighs $5 bn fundraise as banks urge deleveraging

Billionaire Gautam Adani is courting sovereign wealth funds in a push to raise roughly $5 billion in equity across his sprawling business empire after lenders asked the group to reduce leverage, people familiar with the matter said. The network of companies owned by Asia’s richest person has reached out to top officials at firms, including Mubadala Investment Co. and Abu Dhabi Investment Authority about investments, the people said, asking not to be identified as the information is private. Adani’s group is looking to other large investment funds in the Middle East as well as in Canada to invest, they said. The group has even discussed raising as much as $10 billion, one of the people said. Flagship firm Adani Enterprises is considering issuing about $1.8 billion to $2.4 billion in new shares as soon as next year, Bloomberg News reported Tuesday. The $5 billion to $10 billion target would include the funds raised in the potential Adani Enterprises share issue, one of the people said. The company’s board will meet November 25 to discuss raising funds, Adani Enterprises said in an exchange filing Tuesday. Deliberations are ongoing and no final decisions have been made, the people said.

News Source:- https://economictimes.indiatimes.com/markets/stocks/news/gautam-adani-weighs-5-bn-fundraise-as-banks-urge-deleveraging/articleshow/95718903.cms