Adani draws enough investor bids to pull off $2.5 billion stock sale
Live MintThe flagship company of India’s Adani Group collected enough investor bids Tuesday to pull off a large stock sale, advancing its fundraising plans in the face of fraud allegations from a U.S. short seller. By Tuesday afternoon in India, a public share offering by Adani Enterprises Ltd. was slightly oversubscribed—indicating that the Mumbai-listed company would be able to complete the deal, which aimed to raise up to $2.5 billion. Since then, Adani Group and the short seller have traded barbs while the shares of seven listed companies bearing the Adani name have collectively lost the equivalent of $64 billion in market value. Shares of Adani Enterprises, the company pursuing the follow-on stock sale, also rose, to levels slightly below the base price of the offering.