Last week, the Adanis made headlines as they took a group of potential investors on a tour of Mundra in Gujarat to display their infrastructure and elaborate on their expansion plans.
Right from the time Hindenburg Research’s January report surfaced about corporate governance issues by the Adanis, which wiped out over $130 billion of market capitalisation, the group has made a concerted effort to restore investors’ faith.
That the Adanis have been largely successful in doing so could be gauged by the way they have raised over $5.4 billion over the last six months since March.
It’s quite a reassuring number given that the Adanis will be approaching investors to raise over $4 billion through QIPs later this year.
According to a media report, Adani Enterprises, Adani Green Energy, and Adani Energy Solutions have been authorised to raise Rs 33,300 crore through QIPs to finance projects over the next three years.
Additionally, several foreign banks offered the group credit for some of its ongoing projects. The report said it diversified its capital pool, with the overseas market generating 40%.
The group’s capex this year is around $4 billion, of which over $1.1 billion will be in airports, about $1.7 billion for road networks and the rest in green hydrogen, data centre, and finishing its copper project, the report added. Group CFO Jugeshinder Singh informed that the current year’s capex was fully funded.
Last week, Adani group stocks rose to take its market cap over Rs 11 lakh crore, the first time in six months.