Amid a massive stock sell-off and falling stock prices of its companies following the Hindenburg report, Adani Enterprises is looking for alternative options to raise funds so that its capex plans are not hit. Analysts say the task may not be easy and it will be difficult to justify the steep valuations
Even as the follow-on-offer (FPO) by Adani Enterprises was stalled due to massive stock sell-off triggered by a report by US-based Hindenburg Research, questioning its financial health and disclosures, the company is looking for alternative routes and options to raise funds so that its capex plans are not hit, and revenue targets are met.
“After the FPO was withdrawn, the company will raise funds through other available instruments like QIP (qualified institutional placement) and preferential shares issue. Marquee investors are willing to invest further in Adani group companies. In due course of time, we will release those names too,” a company spokesperson tells Forbes India.