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Bloomberg
Adani Enterprises Ltd. seeks to raise 200 billion rupees ($2.5 billion) by selling new shares as billionaire Gautam Adani’s flagship firm looks to increase its free float and improve leverage ratios.
The board of the Ahmedabad-based company, helmed by Asia’s richest person, approved a further public offer of equity shares, according to an exchange filing Friday.
The breakneck expansion by the ports-to-power conglomerate has added both financial complexity and leverage to the business. The fundraising, in one fell swoop, can improve the company’s debt ratios — the lenders are urging for it too —broaden its investor base, increase stock liquidity and possibly spur analyst coverage for a firm that’s currently tracked by just two brokerages despite surging over 2,000% in the last four years.