A dani Enterprises of India says it will use the proceeds of a 200 billion rupee ($2.46 billion) public share offering that begins next week for capital expenditure and debt repayment. According to the group's most recent prospectus, the company, led by local billionaire Gautam Adani, will use Rs.108.7 billion rupees from India's largest Follow-on Public Offering (FPO) to fund green hydrogen projects, airport facilities, and greenfield motorways. It will also use Rs.41.65 billion rupees to repay debts owed by three of its subsidiaries: Adani Airport Holdings, Adani Road Transport, and Mundra Solar.

The proposed fund raising comes as the ports-to-energy conglomerate aggressively expands into sectors such as cement and healthcare, despite some concerns about its high debt levels and large promoter stake

The prospectus for Adani Enterprises' follow-on sale of shares, which begins on January 27th and ends on January 31st, did not specify a price band. The proposed fund raising comes as the ports-to-energy conglomerate aggressively expands into sectors such as cement and healthcare, despite some concerns about its high debt levels and large promoter stake. According to Dealogic data, the group made $13.8 billion in acquisitions in 2022, the most in a single year and more than double the previous year. Adani Enterprises' stock rose nearly 130 percent in 2022 before falling 1.2 percent on Wednesday.