Gautam Adani's company approves raising Rs 4295 crore via...; days after winning Rs 1660 crore...

Indian billionaire Gautam Adani has been expanding his business empire through his various companies. Now, his Adani Energy Solutions Ltd has approved raising USD 502 million or Rs 4295 crore via a stake sale, Bloomberg reported. The Adani Group unit’s board approved a proposal to raise the amount via 'Qualified Institutional Placement' in one or more tranches, according to an exchange filing on Saturday, May 31.

The company currently has a market cap of Rs 1.04 lakh crore, as of May 30. This comes days after Adani Energy announced that it has won a major inter-state transmission project worth Rs 1,660 crore in Maharashtra. The project will help transmit 1.5 gigawatts (GW) of green energy from new hydro storage plants in Raigad to Mumbai and nearby areas.

"The project scope includes establishment of 3,000 Mega Volt-Amperes (MVA) of substations capacity, besides other related transmission infrastructure, taking AESL’s overall transmission network to 26,696 ckm and 93,236 MVA of transformation capacity,” the Adani Group company said in the regulatory filing. Recently, its ports unit raised USD 150 million from DBS Group Holdings Ltd. in a bilateral loan. Shares of Adani Energy Solutions on Friday ended at Rs 867.65 1.53 per cent lower from the previous close of Rs 881.10, on the BSE.

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In March, Fitch Ratings removed Adani Energy from a rating watch and assigned it a negative outlook, citing moderating risks associated with the group’s liquidity. “The Adani group has demonstrated adequate funding access” since the US bribery charges, Fitch said in a statement.

Gautam Adani's net worth

The Indian billionaire is the second richest man in India with a real-time net worth of USD 66.2 billion, as per Forbes. Meanwhile, Adani Group companies, with interests stretching from ports to green energy, are steadily regaining investor confidence after a US indictment of the founder soured sentiment. The group in April raised about USD 750 million for an acquisition, with BlackRock Inc. subscribing to about a third of the bond issue.