Adani Transmission's Board Approves Plan To Raise Up To $1 Billion
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NEW DELHI (Reuters) - India's Adani Transmission said its board on Saturday approved a plan to raise up to 85 billion rupees ($1.0 billion) from the market.
The fund raising plan from one of the Adani Group companies comes months after a report from U.S.-based short-seller Hindenburg Group battered investor confidence and drove share prices of the group down.
Adani has denied all allegations even as India's market regulator is probing Hindenburg's allegations as well as Adani group's related-party dealings following a Supreme Court directive.
Adani Transmission said in a statement it plans to raise the funds via selling equity shares through qualified institutional placements or others permissible mode.
($1 = 81.7800 Indian rupees)
(Reporting by Aftab Ahmed; Editing by William Mallard)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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