Billionaire Gautam Adani-controlled Adani Energy Solutions Ltd. approved raising 43 billion rupees ($502 million) via a stake sale.
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 Saturday.
Adani 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 $750 million for an acquisition, with BlackRock Inc. subscribing to about a third of the bond issue. Last week, its ports unit raised $150 million from DBS Group Holdings Ltd. in a bilateral loan.
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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.
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