Two Adani group companies, including the Indian conglomerate's flagship, announced plans on Saturday to raise up to $2.57 billion from the market, months after a short-seller report battered investor confidence and drove share prices down.
India's Adani Transmission said its board approved a plan to raise up to 85 billion rupees ($1 billion) from the stock market. Adani Enterprise said in a filing to exchanges that its board had approved plans to raise up to 125 billion Indian rupees in a similar manner.
US-based short-seller Hindenburg Group's January report damaged investor confidence and drove share prices of the group down.
Adani has denied all allegations, although India's market regulator is investigating Hindenburg's allegations as well as Adani group's related party dealings following a Supreme Court directive.
Adani Transmission and Adani Enterprise, billionaire Gautam Adani's flagship, said in separate statements they planned to raise the funds by selling equity shares through qualified institutional placements or other permissible methods.
Adani Green Energy, which was also expected to announce similar funding plans, on Friday rescheduled its board meeting to May 24.
A planned $2.5 billion share sale by Adani Enterprise fell through after the scathing short-seller report.
Adani Enterprises is recovering from the hit it took.
Last week, it reported that latest quarterly profit more than doubled, helping the company firm refocus attention on the conglomerate’s growth potential after the short seller attack this year wiped out more than $100 billion of market value.
The Ahmedabad-based company's net income increased 138 per cent in the first quarter to 7.22 billion rupees from 3.04 billion rupees in the same period last year, it said.
Revenue rose 26 per cent to 313.5 billion rupees, helped in part by the mining and airport business, while total costs were up 22 per cent to 301.8 billion rupees, the filing said.
The earnings may bolster Adani Enterprises’ growth and fund-raising plans as it seeks to cultivate businesses from airports and data centres to roads and digital services.
The incubator of the ports-to-power conglomerate has changed some of its expansion plans and focused on convincing investors of the strength of its operations after the report at the end of January.
“These exceptional results also highlight our consistent track record of gestating and building critical infrastructure businesses,” Adani said in a post-earnings statement.
“Our focus remains on governance, compliance, performance and cash flow generation.”
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
UAE currency: the story behind the money in your pockets
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Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
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Gertrude Bell's life in focus
A feature film
At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.
A documentary
A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.
Books, letters and archives
Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
The specs
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