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Adani Green Energy cancels Wednesday board meeting to consider fundraising

Adani Green Energy

Adani Green Energy Ltd announced on Tuesday that the board meeting on fundraising, set for Wednesday, had been cancelled due to a lack of directors.

“Please be advised that the Board of Directors meeting has been cancelled due to a lack of Directors’ availability.” The next date of the meeting will be announced in a new notice,” Adani said in a stock exchange statement.

On May 12, Adani Green Energy announced that the Board Meeting scheduled for May 13 had been rescheduled for May 24, 2023.

Earlier on May 10, the business stated that its board meeting on May 13 in Ahmedabad would evaluate and accept the request to raise funds by issuing equity shares or any other qualified securities through permissible ways.

On Tuesday, Adani Green Energy’s stock closed 5% higher on the BSE at Rs 989.50.

Adani Green Energy

Adani enterprises’ financing aspirations come months after the group’s listed companies lost roughly $147 billion in market value earlier this year after US short seller Hindenburg Research raised multiple concerns about governance at the conglomerate. The Group has denied any wrongdoing.

After a Supreme Court-appointed panel found no evidence of stock price manipulation in the group firms, all Adani Group equities extended their gain, with Adani Enterprises rising more than 13% on Tuesday.

Adani Enterprises’ stock jumped 13.19% on the BSE.

Adani Wilmar shares increased by 9.99 percent, Adani Power by 5%, Adani Transmission by 5%, Adani Green by 5%, Adani Total Gas by 5%, and NDTV by 4.99%.

The total market capitalization of the ten group companies is now Rs 10,79,497.65 crore.

The overall market capitalization of all group enterprises has increased by Rs 1,77,927.29 crore in three days.

The six-member Supreme Court-appointed panel, on the other hand, stated that there was evidence of a buildup in short positions on Adani business stocks prior to the report of US-based short seller Hindenburg Research, which alleged fraud, stock manipulation, and money laundering at the apples-to-apples business.

In its 173-page report, the committee, led by former Supreme Court judge Justice A M Sapre, stated that there was ”no obvious pattern of manipulation” in the steep stock price rise in Adani group companies that can be attributed to ”any single entity or group of connected entities” based on data from the Securities and Exchange Board of India (Sebi).

The panel stated in its findings that it was impossible to assess if there had been regulatory failures involving price manipulations.