Adani to raise up to $1.5 bn for funding green energy projects
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New Delhi, April 27
Industrialist Gautam Adani’s group is looking to raise $1-1.5 billion for financing new green energy projects in the conglomerate’s biggest borrowing since the group came under attack from a US short seller in January. The group recently held a roadshow in Singapore, followed by another two-day roadshow in Hong Kong, talking to global financial institutions for the fundraising, sources with knowledge of the development said.
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The Singapore meeting was held with the help of 12 global banks like BNP Paribas, DBS Bank, Standard Chartered Bank, Deutsche Bank, ING, Mitsubishi UFJ Financial Group and Mizhuo, they said.
US short-seller Hindenburg Research in January alleged accounting fraud and stock price manipulation at the Adani Group, triggering a stock market rout that had erased about $145 billion in the group’s market value at its lowest point.
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