Adani Enterprises shares in focus as Adani group likely to raise $4 billion

Shares of Adani Enterprises Ltd will be in focus on Friday morning amid a report that suggested a wholly owned subsidiary of the company, Adani New Industries Ltd, would lead the group's fundraising drive for $4 billion worth low-cost green hydrogen plans.

A Bloomberg report quoting people familiar with the matter suggested  that Adani Group was looking to raise $4 billion to develop manufacturing plants that would produce low-cost green hydrogen. For this, as per the report, the group is in early-stage talks with several lenders.

Adani Enterprises shares have entered a correction phase, having fallen over 10 per cent in the last one month. The stock fell 2.44 per cent to close at Rs 2,202.90 on Thursday amid reports that the auditor for group companies namely Adani Green Energy Ltd, Adani Power Ltd, Ambuja Cements Ltd, ACC Ltd and Adani Wilmar Ltd, was being scrutinised by accounting regulator The National Financial Reporting Authority (NFRA).

To recall, French oil major TotalEnergies had in September suggested that it would invest $300 million in a joint venture with Adani Green Energy to build renewable capacity in India. As per the Bloomberg report, Adani New Industries will conduct the fresh capital raise independent of Total.

A 1 million metric tonne per annum green hydrogen facility in the western state of Gujarat would be among the first few projects to receive the capital, the report said adding that the facility is slated to start production in 2027.