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Monday, Jul 14, 2025
The move comes days after a rout in its stocks following criticism by a US short-seller.
The fundraising is critical for Adani, not just because it will help cut his group's debt, but also because it is being seen by some as a gauge of confidence at a time when the tycoon faces one of his biggest business and reputational challenges.
Adani has to invest only Rs 2,454 crore in the project; it would start making a profit from the 11th year and Kerala would have to shell over Rs 19,000 crore at the end 40th year to take control back
Hindenburg has a track-record of finding corporate wrongdoings and placing bets against the companies.
The Hindenburg Research team alleged that the Adani Group predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative.
India's richest man has issued a 413-page response to Hindenburg that has accused 'brazen stock manipulation and accounting fraud scheme over the course of decades'.
Bankers on the deal were considering extending the sale or cutting the issue price after shares of Adani plunged following a report from a US short seller, as per sources.
The Adani conglomerate - controlled by one of the world's richest men Gautam Adani - lost $11 billion in market capitalisation on Wednesday in India.
The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens, the group's lead head Jatin Jalundhwala said in a statement.
The flagship Adani Enterprises fell about 3%, while Adani Ports and Special Economic Zone sank more than 6%.
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