NEW DELHI, May 13 (Reuters) – India’s Adani Transmission (ADAI.NS) mentioned its board on Saturday accredited a plan to boost as much as 85 billion rupees ($1.0 billion) from the inventory market.

The fund elevating plan from one of many Adani Group corporations comes months after a report from U.S.-based short-seller Hindenburg Group battered investor confidence and drove share costs of the group down.

Adani has denied all allegations at the same time as India’s market regulator is probing Hindenburg’s allegations in addition to Adani group’s related-party dealings following a Supreme Court directive.

Adani Transmission mentioned in an announcement it plans to boost the funds by way of promoting fairness shares by way of certified institutional placements or different permissible modes.

The group’s flagship firm, Adani Enterprises Ltd (ADEL.NS) and its renewable-energy arm Adani Green Energy Ltd (ADNA.NS) was additionally scheduled to carry board conferences on Saturday to contemplate proposals to boost funds.

Adani Green on Friday postponed its board assembly to May 24.

Bloomberg reported the three are contemplating elevating as much as $5 billion, months after an enormous $2.5 billion share sale by the flagship agency fell by way of within the wake of a scathing short-seller report.

($1 = 81.7800 Indian rupees)

Reporting by Aftab Ahmed; Editing by William Mallard

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