Most of Adani’s shares are rallying after the group’s $2.5 billion share sale

Most dollar bonds issued Adani The group of companies gained for a second day on Wednesday after selling its primary $2.5 billion worth of shares in a fully subscribed follow-on offering.
Note of 2024 Adani Green Energy Ltd was up nearly 5 cents to 80.9 cents per dollar as of 9:35 am. Hong Kong, rebounding from a slump earlier this week to hit record lows. Eleven of the group’s $15 bonds tracked by Bloomberg were higher.
The offering by parent company Adani Enterprises Ltd was India’s largest follow-on share sale and was fully subscribed on the closing day. This will help ease investor concerns faced by Adani after allegations of fraud from a short seller Hindenburg Research Confused the group.
Backed by Asia’s richest man, it has millions of dollars worth of stock to shore up its $1 billion debt after selling off stakes across the business empire, people familiar with the matter said.
However, even after the rally, the yield on 2024 Adani Green Energy bonds is still close to 20%. According to a report, the group may struggle to beat the bond market given concerns about governance. Bloomberg Intelligence.

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