(Reuters) – India’s Adani Enterprises Ltd said on Wednesday that the company’s board will hold a meeting on May 13 to approve a proposal to raise funds.
The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a qualified institutions placement, or a preferential issue, among other methods, the company said in a statement.
In January, U.S.-based Hindenburg Research flagged concerns about high debt and alleged improper use of offshore tax havens and stock manipulation. Adani denied the allegations.
A dive in Adani stocks then prompted the group to shelve a $2.5-billion share sale.
India’s market regulator is probing Hindenburg’s allegations as well as Adani group’s related-party dealings following a Supreme Court directive.
Earlier this month, Adani Enterprises’s quarterly profit more than doubled, helped by a strong performance at its key coal trading division.
(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Shailesh Kuber and Shilpi Majumdar)
