Question mark on fund raising? Adani’s company postponed important board meeting

Adani Group is preparing to raise funds for the first time after a gap of several months. However, it seems that this time also there are some difficulties in the way of raising funds. A major company of the group has postponed the important board meeting to be held on Saturday to raise funds.

Proposed meeting of three companies

Earlier there were reports that the board meeting of Adani Green and Adani Transmission, two other group companies including the flagship company Adani Enterprises Ltd, is scheduled to be held on Saturday. The board meeting of all the three companies of Adani is related to raising funds. Now one of these Adani Green’s board meeting has been postponed, while there is no new update regarding the proposed meeting of Adani Enterprises and Adani Transmission.

Now the meeting will be held on this date

Adani Green Energy has told the stock markets that due to some unforeseen reasons, the board meeting to be held on May 13 has been postponed. This meeting was going to be held to discuss the proposal related to raising funds by selling shares. The company has told that now its board meeting will be held on May 24.

This report ruined the effort

This is the second attempt of Adani Group to raise funds this year. The first attempt to raise funds failed after the controversial Hindenburg Report came out in January this year. American short seller firm Hindenburg released a report on January 24 targeting the Adani group. Hindenburg’s report came at a time when Adani Enterprises Limited, the flagship company of Adani Group, was about to raise Rs 20,000 crore from FPO. However, the Hindenburg Report spoiled the plan of the Adani group and the FPO had to be withdrawn.

These are the plans to raise funds

Regarding the latest scheme, the companies of the group have not told how much amount they plan to raise. Adani Enterprises had told that in the proposed meeting of the board, there will be a discussion about raising funds by issuing equity or through other eligible securities. The company had said that it is considering raising funds either through issue of equity shares or through private placement of other eligible securities. It can also be a Qualified Institutional Placement or a Preferential Issue.

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