Adani to raise $3.5 bn from share sale in 3 group cos

Billionaire Gautam Adani's conglomerate is looking to raise about USD 3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller.

While boards of Adani Enterprises Ltd - the group's flagship firm - and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to $1 billion in the next couple of weeks, sources aware of the matter said.