Gautam Adani's $5 Billion Bet To Counter Critics: Report
Gautam Adani’s plan to raise at least $5 billion in equity aims to shut down two of the most frequent criticisms leveled against the Indian tycoon’s swelling empire: high debt ratios and a limited investor base. After four years of eyebrow-raising gains — some Adani Group shares surged more than 2,000% — Asia’s richest person is embarking on a fundraising campaign that will likely include a local share sale as well as buy-in from large investment funds in the Middle East and Canada. Asias richest man makes A $5 billion bet to silence critics, naysayers An equity injection of this size is expected to help the conglomerate deleverage and Bloomberg Intelligence sees a successful equity raise across the group supporting the companies’ dollar bonds. The billionaire is seeking legitimacy in the face of questions about his group’s breakneck expansion from a traditional port operator to a sprawling empire with assets including media, cement and green energy, that critics say has boosted lever...