Adani to use $2.5 billion share-sale proceeds for capex, debt repayment
1 year, 11 months ago

Adani to use $2.5 billion share-sale proceeds for capex, debt repayment

The Hindu  

India's Adani Enterprises will use the proceeds of the ₹200 billion follow-on public offering, beginning on January 27, for capital expenditure requirements and pay off some debt of its units. The company will use ₹108.69 billion from India's biggest FPO to fund green hydrogen projects, airports facilities and greenfield expressways, the Indian billionaire Gautam Adani-helmed firm said in its latest prospectus. It will also use ₹41.65 billion to repay the borrowings of three of its units, Adani Airport Holdings Ltd., Adani Road Transport Ltd., and Mundra Solar Ltd. Adani Enterprises' prospectus did not specify a price band for the follow-on sale of shares that ends on January 31. The proposed fund raise comes as the ports-to-energy conglomerate aggressively expands into sectors such as cement and healthcare, amid some concerns about its elevated debt levels and large promoter shareholding.

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