Billionaire Gautam Adani is courting sovereign wealth funds to raise roughly $5 billion in equity across his sprawling business empire and reduce leverage, people familiar with the matter said.
According to an anonymous person, the network of businesses owned by Asia's richest person has contacted senior executives at organisations like Mubadala Investment and Abu Dhabi Investment Authority (ADIA) about investments.
Adani Enterprises announced that the board of the company will discuss raising capital on November 25. The sources claimed that discussions are still ongoing and that no decisions have been made. They added that Adani's group is looking to Canada as well as other sizable Middle Eastern investment funds for investment. One of the participants claimed that the group has even discussed raising as much as $10 billion.
Adani Enterprises, the company's flagship, may issue between $1. 8 and $2 billion worth of new shares as early as next year. According to one of the people, the $5–10 billion target would include the money raised from a potential share offering by Adani Enterprises. Adani Group, Mubadala, ADQ, and ADIA representatives declined to comment. When contacted for comment, a QIA spokesperson declined, and Royal Group did not immediately respond.